brr 2.25, page-46

SSkim, that's a fair challenge and does bear thinking about. It can be a much better path for a junior to use joint venture type arrangements to fund project development. The end result in terms of dilution is similar in that you have to sell part of the project but the impact on shareprice along the way is often much better for the junior.

If the strategy is to sell out to a major then joint ventures/farm ins could end up highly problematic, especially if they have different partners.

With the strategy you mentioned from BRR today we still need to see the terms of the funding, clawback etc in order to critique it properly - it will have a price. At this stage MS has only thrown out a bone - it's just one thing he's evaluating of supposedly several and they aren't committed to it yet. I'm certainly going to be interested in seeing just how the proposal will structure.

And that's enough from me today.