AQD Investment Case, page-2

Headline:

Significant exposure to upside through 10 (funded) base metals exploration projects - aimed at identifying tier 1 assets and rapidly developing them through a tier 1 execution partner with a multi-billion dollar war chest.

- Upside risk on base metals targeted (Copper, Zinc, Nickel)
- Execution risk for hitting paydirt is low - through SA with S32
- Low downside risk on SP: exploration funded through ~PFS; dilution only likely beyond a PFS - but will have a Tier 1 execution partner

The ingredients are there for an explosion in SP - just need to hit paydirt!

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TeamA, to answer your Q around limited SP movement.

Guessing the market hasn't seen this business model before and doesn't know how to treat it? Though it is up ~100% over the past 14 months, so it isn't like it hasn't done anything.

Also, as you mention TeamA: AQD has been around for a decade, raised ~40Mn, to date, limited success in hitting paydirt - some of its tenements (particularly Peru) have been in AQD's hands a handful of years - waiting for the right partner/funding mechanism to commence drilling program.

There's a Hartley's research report from Feb (bit dated now on the info but sentiment remains).
Hartley's Research Feb 2018.  Highlights:

We maintain our Speculative Buy recommendation with a 12-month price target of 5cps... AQD is leveraged to exploration success, considered high risk but potential for high reward.

As always, not investment advice, DYOR.