Ann: Noosa Mining & Exploration Investor Conference Presentation, page-126

No interpretation is needed, James says HPA is 100% ADN so I am merely taking his word for it.

BUT to me this makes perfect sense.

My thoughts are the JV agreement would be for a range of HK blends. ADN as major partner are responsible for BOAs and MEP take their 25% of that revenue. I haven't seen any comments about MEP signing 25% of the BOAs?

MEP has a right to revenue from the HK product produced at JV tenements, what happens after that is no longer in their control as a junior partner.

If ADN want to produce HPA that's their business IMO.