Raised to fund exploration in Boda east next to ALK. What many miss in the porphyry hype is the potential of Horn Island. There is an existing JV with SBM for exploration but AQX retained a carve out of the existing inferred 500koz resource and landholding that can support a mining operation. Based on my own desktop feasibility, the existing resource could support a 5 to 6 yr mine producing ~58koz p.a. With the use of ore sorting, in which gold is in sulphide vein mineralisation with barren host rock is highly amenable to ore sorting, OPEX can be materially reduced to $1250/oz or lower whilst CAPEX would likely be under $50m as the processing plant can be reduced by 60%. The operation at current gold price has an NPV15 of $198m assuming a 6yr LOM. SBM has the right to buy back the carve out area once a feasibility has been done and recent transactions range between 40% to 70% of NPV for buy outs of assets of this scale (e.g. EAR). AQX would stand to generate a windfall of between $79m and $139m from the buy-back. AQX can put themselves in the position to achieve this outcome for the low cost of ~$5m (RC infill drilling + Feasibility) with less than 9 months turnaround.