The project doesn't necessarily need to be sold to a major. The...

The project doesn't necessarily need to be sold to a major. The project could be distributed in specie to existing AQD shareholders in a separate listed entity plus with some initial cash and effectively go it alone. Then AQD can progress its other projects within its project generation modus operandi. Until now there has no been the potential for AQD to 'satellite' a project.

The new entity can then raise additional equity to progress the project with an entirely separate BOD with all the necessary skills (mining engineers/geos/funders/finance/legal etc) to take it forward, I assume with CE and GD continuing to participate at board level.

All existing AQD shareholders would continue to hold their existing pro rata share in the project (depending whether any separate 'listing' cap raise upon listing - although the problem here is that an 'initial price' would be put on the shares but can be addressed by giving existing AQD shareholders pro rata entitlement at the outset) with each shareholder determining their level of ongoing participation going forward.

This would overcome any calculations as to what the project could be worth in regard to an outright sale, taking in a major, or any other form of participation. Separation could put the project in play either before or after a separate listing, the initiation of which could be outside AQD directors' ability to control. In my view this would be the best outcome for AQD shareholders, leaving the issue of dilution in AQD shareholders' own hands.