comment from lse and i think its spot on, page-6

Hi Karma,

IMO, I don't think THR would have a Buyer or JV Partner ready.

My reasoning being there could possibly be some of the truly BIG fish interested once the DFS has confirmed what is likely.

I think Thor will have a LOT of bargaining power once the DFS comes out - basically a pick 'n choose.

The only caveat to this would be any CR before then. The ideal scenario would be to wait until the DFS before the CR, but if push comes to shove I would prefer them to sell to a savvy investor as opposed to rush a partnership.

Partnership relies on DFS which will be influenced by Tungsten price at the time.

CR will be influenced by MC and SP.