A JV like how bay structured it is extremely common. One could find hundreds of examples where the major takes 50% with optionality to earn 75-80% in exchange for usually around 5m in drilling. Buxton resources is one example off the top of my head with IGO. Deals slightly vary but this is very common for a cash strapped junior like bay was. If people are interested I can add some additional context on the TSX and capital raising for mining there.
Bay obviously had GREAT confidence in it because they went straight to working out a bigger deal with AW1 which is a win-win for both sides. AW1 gets 80%, more than 10m of drilling has taken place and even more will take place with bay free carried until FID. This is a great deal for bay but also for AW1 who is getting 80% of extremely prospective ground.
On a side note here, anyone also a bay shareholder?
AW1 General Chat, page-2458
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