Informative and thoughtful insights @Wack Thanks for sharing.
Makes sense for COD & TRN to merge.
I am wondering whether there may be more at play.

Image from the COD 31 Dec 2021 Quarterly Report released in Jan 2022:



I refer to the purple coloured tenement to on top and tow the left of COD and below Oak Dam West - belongs to White Tiger Resources (private / not ASX listed) - it is their Intercept Hill Project.

https://www.whitetigerresources.com.au/project/intercept-hill-project/



Note Licence Holders are BHP 65% and RTR 35%
Also not that EL 6316 expires on 19 Feb 2022 .... just 10 days time from today (9 Feb 2022)

BHP has completed Stage 1 of the Farm-in.
Stage 2 JV with BHP commenced 14/10/2021
Good to see BHP is continuing to show a keen interest in the area and I assume are watching COD exploration results with keen interest.

https://www.whitetigerresources.com.au/white-tiger-resources/commencement-of-bhp-rtr-exploration-joint-venture-agreement-for-the-intercept-hill-project/

COMMENCEMENT OF BHP-RTR EXPLORATION JOINT VENTURE AGREEMENT FOR THE INTERCEPT HILL PROJECT

by | Oct 20, 2021 | |

BHP has completed Stage 1 of the exploration farm-in agreement with RTR, dated 31 October 2018.
BHP has exercised its option to form the exploration joint venture with RTR, the JV has now commenced.

BHP’s JV interest commences at 65% with the option to earn a further 10%.
The farm-in agreement comprises two stages:

Stage 1: BHP has exercised its option to sole fund a minimum of AUD$4.5 million on exploration expenditures over the first 3 years of the farm-in agreement to earn a 65% interest in the tenement by payment of the remaining first earn-in amount to RTR, a Joint Venture is now formed, BHP’s interest commences at 65% with RTR’s interest at 35%.Stage 2: BHP has the option to fund a further AUD$2.5 million on exploration expenditures, to earn a further 10% interest in the tenement, bringing BHP’s interest to 75%, with RTR interest at 25%.

Red Tiger Resources Limited’s Directors look forward to providing you further updates on the progress of the Joint Venture with BHP – towards our vision of exploring mineral resources to create value and reward our stakeholders.

xxxx