Ann: Four Mile - ACE Not Contributing To 2015 Program And Budget, page-164

Market until today gave AGS roughly a market value of $50m. 15% of $50m = $7.5. If ITOCHU were not interested then, why would they be in paying $7.14m for 15% of $30m? (40% reduction 25% ownership to 15%). Its highly unlikely they will.

Current MC is around the same the value of what the Dec15 stockpile would be worth. So even if it plays out AGS ends up with $38m stockpile market is atm is giving their 15% stake zero value. Now if they can prove stockpiling is screwing the company and get back marketing rights earlier, or settle or a fairer deal - like Quasar sell within 6months when asked to, then there could easily be significant upside given it'll be far easier to sell.