I couldn't find any evidence on the purchase of these specific assets/royalties myself by the vendor. I only found evidence of Ontario/GRR selling others to other Canadian companies though.
From the information provided in the announcements I don't think these are 'underperformers'. There are 130 mining properties included. 88 are already optioned to other 3rd parties, including GT1, TSXV:TEA, and those already optioned have contracts/agreements in place for that option to the 3rd parties, including receiving cash payments/inflows from the 3rd parties for their option between 2023 - 2025 totalling A$5.4m (this is aside from any potential royalties)
The other 42 properties will be 100% owned by Bastion.
This seems like a no brainer to me, I think you are not taking all this into account.
The last raising of capital through the rights issue mentioned that some of the funds will be used towards these acquisitions. Looking at the transaction details obviously there are multiple staged payments etc, and the last raise won't cover all of that but I'm expecting the plan to fund it will become clear in whatever is announced next.
Things don't happen overnight and it isn't going to magically be a $1 stock, but I see significant upside if the deal is done, hence my position.
BMO Price at posting:
5.7¢ Sentiment: Buy Disclosure: Held
(20min delay)