Ann: Annual Financial Report, page-5

When you compare AQD to LRS you get a very interesting picture

LRS 310m shares on issue Mkt Cap @ 4.3c = $13.5m Cash $2m maybe less after drilling
Assets are all Peru focused Copper Porphyry and IOCG targets

AQD 300m shares on issue Mkt Cap @ 1.4c = $4.2m Cash $600
3 Asset areas
1. Peru Copper Porphyry and IOCG like LRS Mkt Cap $13.5m
2. Fraser Range projects like MPJ SEG RTR RMR all have Mkt Caps $5m-$10m
3. West African Gold farmed out 80% for $7.5m so implied value $2m to AQD

Based on peer comparisons AQD has an implied asset value of $20m-$25m or 5-6x its current valuation

Concluding a farm out on those high impact Copper Porphyry projects will be the catalyst for a big rerating imo as then it becomes another LRS type play but with more irons in the fire and diversification with other assets and in other areas