Ann: Updated Scoping Study Nearing Completion, page-105

Given the number of projects AAU have now and are trying to add more the other way to fund one project is to JV it out. If an MD is smart and thinks through the process, he gives up half of one project in this case La Dem to maintain minimal dilution for shareholders for the rest. Wouldn’t that be the smart play Sal? It’s not always CR CR CR to achieve an aim.
I suggested the same thing a few years ago to an MD and he said no way ATT. He’s regretting that decision now, I guess you can’t quickly turn a banker into a successful mining MD. We don’t have a banker running this Sal.
Take a step back and think that process through.