Ann: Sturec Gold Project - Strategic Process Update, page-190

@VatreniHR made some good points several months ago:

"The main point here is the bidding process is being handled by Minmetals Securities, which is a subsidiary of China Minmetals, the second largest company in China and 58th in the world. Their 2022 revenue was $131.8bn USD. They have an immense network of connections globally. The arrangement is that they receive 5% of the total agreed sale price and I'm sure they'll work the bidders to achieve a higher price."

I don't think Minmetals would have considered the Trans Metals Fund offer unless they were 100% assured that the Fund does have the cash.

"However, that is an incorrect stance considering the credentials of the individuals involved. Based on my research, It is evident that Trans Metal Fund is potentially a Canadian based vehicle for a Chinese buyer.
The announcement states Michael Boehm was one of the three individuals involved in the bid. He is one of the most renowned lawyers in the mining merger and acquisitions space.
I highly doubt he is personally investing into a mining operation; rather he is representing a Chinese buyer and this is based upon his previous legal representations in the M&A scene.
He has undertaken considerable M&A work for Zijin Mining ($68bn market cap) and Zhaojin Mining ($4.8bn market cap), both major players in the gold mining scene.

Zijin operate the Timok mine in nearby Serbia.

Due to the involvement of Michael Boehm, I don't think the market should be sceptical regarding the capability of Trans Metal Fund to finance any acquisition offer. Fasken are pretty much the creme da la creme of law firms in the M&A mining scene."

My take is also that Trans Metal Fund is a proxy for a large Chinese buyer.

5% of any +$100M deal is a major incentive to get the highest price possible deal done is what I think