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.
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