fundamental analysis

Hi All,

Wanted to post a couple of questions out to the group here and see what others are thinking about aqd.

I have been a long term holder of aqd and have a current position of about 350k shares and 700k options and have been in this thing for about 3years. Bought in for the long haul based upon my analysis of the company and the team along with some of their promising prospects. Felt like the company really had some tremendous potential to make big moves over the long haul.

One of the many things I really liked about the team at the time was the fact that they were expereienced rock hounds and not bs artists and stock promoters like so many of these explorers.

So I bought into the company figured it would be a long hard ride but in the end well worth it.

Of course along the way the price has moved up and down, I was very encouraged to see Passport move into the company, really thought I must be on to something when I saw that cause those guys are sharp sharp sharp. Then was encouraged further when we saw cliffs move into this thing in a big way, when this happened it things were really looking up!!! Since then of course we have had to ride out the GFC like everone else with everything else.

Since then the market has moved tremendously, and AQD having had some good solid announcements and some like today that are yawners, has done nothing at all, no one seems to care, least of all the management. Ok fair enough, not time yet I guess.

Just seems crazy to me that these guys cant get this thing going!!! I mean heck, lets just look at the obveous about the company. 1)They have cash representing what, over half the market cap of the company. 2)they have a few billion $$$ worth of actual iron ore reserves out there in the pilbara. Not to mention the other excellent prospects the company has. And this thing is trading at a market cap that makes it look like some bunch of junior explorers that dont have a pot to piss in or a window to throw it out of.

But here is what truely concerns me right now. The price has been drifting around here with no volume or support for months now and the company has done nothing to try and stir up any interest much less to try and get anything happening. Fair enough a few months ago I say, hey these guys are not promoters thats a good thing in the long run...................but now here we are with these guys staring at $20mill laying on the ground right in front of them, that could be picked up with very little effort and here we are apparently; with the options going to expire worthless, todays announcement certainly is not going to get anything going with the stock or options.

So, my fundamental analysis is leading me to beleive that these guys just dont understand the game they are in or how to play it, so it really does not matter how good the finds are, these guys are not capable expoliting anything in any way that will be beneficial to the shareholders. These guys are acting as if they were already working directly for cliffs and dont even care about the rest of us shareholders who have stood by them for so long and buy the way given them the money to get to where they are.

A bit of a rant I know and for that I appologize!! Just very frustraded and dissapointed like everyone else. I would appreciate hearing any thoughts about the long term fundamentals of aqd or critique of my analysis, that any of you might have.
Thanks