If Hog Ranch proves up to be very big, we might get a spin-off gold company. If that gets valued at $200M and RXL keeps 50%, that's an additional $100M in assets to be put up (or sold) to fund Hillside. With a JV partner for say 20% of the project, the capex could be met with some debt finance without further shareholder dilution. That's a great deal for us, plus shares in a new gold company. The most undervalued stock on the market.
10m tonne copper deficit by 2030, page-41
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