Because our management team is close to the worst of the worst in incompetency. They negotiated a horrible deal. If you look at other option agreeement or farm in agreements, there are escalating expenditures requirements. We settled not only for a measly $1MM, but Auryn a 3 year option.
Then they negotiated, what I would call “near fair” deals for Nuocco and CDCH. Fast forward, they lost major leverage by letting the Nouco and CDCH go for 5% equity interest in a private company.
So now, AMC is holding all the cards and can dictate terms for the purchase of the ADL. I would hope, but highly doubt that our cracker jack team would negotiate a requirement that AMC/H publicly list on some exchange so the equity is at liquid. If not at least a requirement for a profit participation equivalent to MDMN, CDCH and Nuoco’s equity percentage. Or even a “put” option that AMC has to buy our equity percentage at 3-4 trailing EBITDA.
But back to reality, our team sold us down the road, better to just accept it, and get it over with sooner rather than later and make sure AMC has sufficent capital to build a profitable mining company.