Ann: 7,500m Drill Program to Commence at 14 Mile, Arakaka Project, page-34

A few things hopefully it provides some info based on news that has been released


From this announcement, and this

	Column 1	Column 2
0	SHARES GIVEN TO	AMOUNT
1	Didier Murcia*	750,000
2	Travis Schwertfeger*	2,000,000
3	Hamish Halliday*	1,000,000
4	Matthew Bowles *	250,000
5	Consultants *	1,970,000
6	Managent and Employees *	1,000,000
7	Incentive Options To Employees	900,000
8	TOTAL	7,870,000

The
* has two tranches. 1st Tranche vested on 28th February (done) subject to remaining an officer, employee, or consultant
* second tranche (50%) is vested when Barrick extends the second contract year (which has lapsed), and company announcing a 50gram x metre/tonne gold significant drill intercept or greater at 0.5 gram/tonne gold cut-off grade
* Means only 3,485,000 are allowed to be converted on first tranche out of 7,870,000 unless second point is achieved

So far we've had 4 708's. Amounting to

• 1,370,000 options converted
• Leaving 6,500,000 options

2,385,000 (let's assume the 1,370,000 is from this pool, leaving about 1,000,000 left) is the amount of options that is not held by management that is exercisable from the first tranche



Overhang, for sure. But if AQI releases news on a timely manner, and their results indicate that they've the holy grail in elephant country, then all this will represent a small iceberg going forward. But they must first deliver on the results. Otherwise, these stagnant periods will be painful short term for current holders.