Ann: Tesoro increases ownership of El Zorro to 85%, page-61

I've been thinking about the JV a lot since it's anno. Now I know that Zeff planned for this and delivered in a massive way. Absolutely amazing to increase ownership of this project by 15% for nothing.
It also shows that the project has far far surpassed what everyone thought they would find here... something's not adding up for me though, why would the minor party agree to the JV if they knew they would be diluted... the only answer that makes sense is that if the 15% they own now is much larger than the original 30% they thought that they would get. ie, they're still going to make a fortune on it.

At the beginning, we had the option of owning 80% of the project by 2022 if a FS was delivered by Jan'22.
Now, we own 85% of the project with no FS delivery deadline. Tick.

We show district scale potential with hits at Toro Gordo (different host) and Drone Hill (350m extension of strike length). Tick.
There are still more unexplored projects with promising geo-survey results, Buzzard, Toro Blanco, Ternera North. Tick.
We have exploitation permits. Tick.
We have prelim metallurgical results showing extraction using conventional cyanide leech. Tick
We have 4 drills, infilling for the MRE and FS. Planning for environmental permits, power, water, labour underway. Tick.
Gold price is at a decade high ( last time it hit 1700 USD was in Aug'11 ) but gold sentiments is at a 52wk low. Tick.
Management has strong incentives in the way of performance gains. Tick. ( That thread whinging about Zeff getting millions of performance shares is so misguided. Maybe the couch investor should try putting 7 years of his life + a substantial amount of his life savings at risk of complete loss before complaining about Zeff. )
Management are explorer/producers, I believe with intention to mine. Only risk is if a deal comes along that they can't refuse.

SP has been ranging between 17-22 for 2 months and is starting to tease MAs from below. Volume showing accumulation for the last 2 months.

When investing in a gold spec, gold spot price is nothing, the team and risks of project failure is everything.

I missed out selling at the heights, sure, but out of all the gold explorers on the ASX, if you're looking for the one in a hundred that has the potential to become a major, produce 100k oz for 10+ yrs life, a solid project where you put a decent amount of your hard earned savings into with a view of retiring on the gamble, then I recon this project has a good shot at it.

Is there an option to further increase ownership of this JV? This would be my question in the up coming webinar.

For those more experienced, what are the outstanding risks for the project? Government? Environmental permits? Construction, project team? Am I looking too far ahead?