With my limited knowledge of the details of the deal, my...

With my limited knowledge of the details of the deal, my instinct tells me, it would have been more "comfortable" if JOGMEC assigned their 60%, after they spent the $6 Mill which would mean that the Trafalgar discovery was better "defined". I get the sense that a big Japanese co, with big bucks may alter the current dynamic. At least if they then decide to spend big, HMX would have more to show for their 40% and could raise at a higher price, or get paid a bigger $ value for additional interest in the JV.

When a minnow is fishing with the sharks... The big Jap cos can easily outspend us and take their 60% to 100% and blow us away without having realised the max value of the ground. idk what contractual provisions exist, but its good that a JV lawyer is on the board and hopefully can help "manage" this dynamic.

Anyway, whatever the case, this will lead to more $ in HMX coffers and we have shitloads of 100% owned , good ground to look at.