Ann: Greater Fosterville Update, page-6

I don't think so, they will need both. Seems like it should come about though. Once they have both agreements they should get the ELA pretty quickly, unless there's more red tape we don't know of. The news that they get the ELA and can start drilling should put a floor in the SP and maybe a bit of a boost. They've had a long time to identify drill ready targets now after assessing all the old KL data. It's hard to imagine that they will not hit something significant pretty early in the piece. Good to be on board early with this one I reckon. And, once they hit something significant, why won't Ignico just buy them out and take over.

From their Quarterly: