Ann: General Security Agreement, page-405

The point I'm trying to make is the 'El Zorro gold project has gone from this




to this






The company states regional exploration is to be carried out 2021





Remembering they originally had the second exploration target in Espina, and their company mission stated as

(note projects)

If this is where they're actually going it stands to reason that they'd push through for the higher % of the JV.

And I'm not disagreeing with your theory, I just think there could well be a bigger picture scenario here.