Ann: Full Year Statutory Accounts/Annual Report, page-6

Depends if we find gold or not.

I personally want ADV to hold all the Li assets as long as they can.

The conditions of that 20% holding is "a positive Bankable Feasibility Study or GT1 Decision to Mine"

If ADV still wishes to hold 20% at that point, they will need to be able to raise funds to support GT1 moving forward or sell out their holdings. That is going to require a lot of $$$$ on ADVs behalf to move the project forward.

I would assume the MC of GT1 would be a lot higher than current. We could easily be sitting on a few hundred million dollars at this point in terms of expourse and have the option to be bought out and still hold the 13 million shares. Or sell the shares to help fund GT1 getting to production. Its too early to tell what will happen yet.

While RL gave the Li assets away cheap, maybe this was a great play long term if GT1 can get this to production, our holdings could be worth hundreds of millions of dollars. He has shifted the majority of the risk to GT1 to execute while ADV main play is still to shore up some gold reserves.

ADV is still a multiyear hold IMO and great buying at these levels if you have a high tolerance for risk.