I prefer the implications of that statement. It tells me than a JV with DYL will add more value wrt DYL than a full TO. There is still a lot of exploration to be made in DYL tenements and bear in mind after the JV with TOE recently, they are now the largest land holder for exploration in Namibia. A simple TO of DYL will undervalue it because we still don't know the full potential in the ground especially Inca Deep.
this says it all...., page-4
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