Ann: Strategic review of options for non-graphite assets, page-12

It doesnt work like that unless AXE negotiators were useless. The usual deal is $x up front, expenditure of $y , $z , $q by certain targets to get % of tenement , with the whole thing falling over unless X m/tonne resource proved up etc and final % either free carried to mine or converted to nett smelter royalty , which often can be bought out for $d million per 1% . Its simply a negotiation - and if farm-in company doesnt meet agreed expenditures etc thenAXE would have the right to agree a delay with $k additional fee or boot them out. Thats stock standard - no loss of control - simply a gradual CONDITIONAL transfer of right to ownership provided they keep doing everything agreed in timeline agreed AND with lots of lolly ongoing for AXE when mining does occur - have a look at COB deal with BPL or CZI deal with AUZ etc etc .All gain, and with a good negotiation - close to nil pain. AXE has such good tenements they right now have the whip hand. IPO is a waste of money IMO and exactly what corporate advisor blood sucker$$$ would suggest (IMO).