Ann: Annual Report to shareholders , page-3

I still can't comprehend why some Co's are so keen to get a JV partner so soon in the story. Why not drill a few holes first in the easy/no-brainer spots, get the SP up, and raise some more and keep it all, or do a small JV if it's necessary.
HAW gave away 60% of a dead cert, and they had enough to drill it themselves. Many other Co's do similar.
The cynic in me suspects that it gives mates easy profits, and it is reciprocated down the track-oughta be a law against it.