Ann: Noosa Mining & Exploration Investor Conference Presentation, page-139

I find it interesting that HPA was the focus of that document and that Minotaur had been exploring HPA since 2012. Maybe I missed something, but I didn't notice any talk of HPA when I first bought into ADN just under one year ago. I sold out of my other HPA interests to throw the money into the SPP.

I think people are getting ahead of themselves speculating on what the final arrangements will be between the joint venture partners. I note that the JV agreement provides some flexibility and I expect that the final arrangements will depend on how much of the capital requirements MEP are going to stump up. Some relevant clauses from the announcement (emphasis is mine):

• In completion of Andromeda’s sole funding commitments, either party may elect not to contribute to a proposed Joint Venture program and budget, in which case its interest in the Joint Venture will be reduced in accordance with a standard industry dilution formula;
• If any party dilutes to less than 5% equity interest in the Joint Venture, then it’s interest will be acquired by the other party for a moderate sum and a 2% Net Smelter Royalty over the project.
• Andromeda will manage and operate the Joint Venture whilst it is sole contributing and thereafter while ever it holds a majority equity.