My thoughts:
WMX have an 'expectation' that GWR will spend whatever money is necessary to drill their gold deposits out to JORC 2012 compliance with a minimum of 75% in the Indicated category, get the metallurgical test work done & also spend the dollars getting all the mining approvals....pretty much do all the preliminary work so that WMX end-up receiving heaps of important info about the GWR tenements (i.e. the quality of the deposits) without spending too much of their own cash (because WMX would much rather spend their own cash on plant expansion & drilling campaigns on their own tenements).
I'd say GWR management tried to give WMX the 'JV bird' (i.e. a middle finger salute to the JV agreement) but WMX are keen to have the GWR gold....because the JV makes sure that GWR will get a paltry 30% for all their effort & tenement ownership & WMX will make heaps of money if things go the way that WMX management want them to go.
Interestingly from a historic perspective, when BLK (now rebranded as WMX) were explorers rather than producers, they had a JV with Apex Minerals when Apex were the mine owners of the Wiluna processing plant....and Apex went the way of the Dodo, but the explorers (BLK) survived.
So in my opinion, if history repeats itself (and for various reasons it seems to repeat itself a fair bit), I'd say GWR will probably be alive & kicking for quite a while, whereas WMX are mining the same patch of dirt as Apex Minerals years ago which didn't turn out too well. In addition to that, although the POG has been at record levels in recent years, the crazy-high prices haven't negated the need for WMX to tap-the-market with predictable CR's to keep the boat afloat, even though WMX's gold production is currently hedged at $2600/oz...it's an entertaining circus performance. Just my opinion.
