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Ann: Update on Strategic Partnership, page-21

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hawks2014

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03/01/20

19:29

Post #: 42217576
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Originally posted by ainsleym: ↑

Its time now for some transparency from PXX management in regard to why Lundin walked. I would assume PXX knows the reason. Is it because

1. The Lundin geo's considered the drill cores ( Mars especially) did not demonstrate enough "potential" to warrant further and deeper drilling. I mean, for goodness sake, this was only the first hole and not that deep as such given we are drilling a porphyry system. One hole and we want out !! WTF. It took WMC 6 or 7 holes into a giant system ( the Olympic Dam IOGC system) before they got a hit. On the balance of probabilities I would think this is not the primary reason

2. Lundin has other priority exploration activities and on taking all things into account decided its more comfortable pursuing these given the exploration budget is finite after all. Maybe this is the reason, its plausible I guess

3. And/Or... the terms of the jv arrangement which would have required Lundin shelling out a heap of $$ in 2020 ( was it $10 million or so) was too hard to stomach, given competing demands on the Lundin exploration budget. Thats plausible I guess. In which case why would PXX not have re-negotiated the deal to keep Lundin at the table, or did they try ?

As I say, time for some clarity from PXX management on why Lundin walked. What is is it that we don't know assuming there is something to know ( that we don't yet know)

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I reckon it is No. 2.

PXX Price at posting: 4.2¢ Sentiment: Hold Disclosure: Held
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