Its fairly straight forward - BMG cannot commercially JV something you dont yet own and more to the point why would WA1/ENR undertake DD and then do a deal for more early stage exploration ground.
WA1 current focus is advancing their own Tier 1 discovery in Luni through to maiden resource June quarter and advancing metalurgical test work.
As for ENR - a little bit has occured since the relinquishment of the BMG option April 1....
Both still have large swathe of their own *granted West Arunta tenure without having to speculate on something as early stage awaiting grant and heritage thats what shell companies do to create initial value for shareholders.
The BMG market update on the 5th of March (during the open option period) - Id encourage you to read it again - perhaps sound out the large 3 sylable words phonetically or ask a friend to paraphrase anything you still dont understand.
To quote BMG chair verbatim - “Our ongoing review of exploration data for the West Arunta region has delivered very positive findings with geological features identified at our Dragon Niobium-REE Project which show similarities to the geological setting for Luni and other mineralised carbonatites in the region.
Not exactly a negative geological overview of the potential the West Arunta assets, the failure to exercise the option is a question for the Board of BMG.
CRS board has been opportunistic in seizing the opportunity and renegotiating with vendor - as a shareholder of CRS Im pretty happy with the result to date.
Lets just see what the market reacts to the stock issuance on Monday and how the 30 day DD progresses to a decision to exercise or not.
