Hi Spaniard,Agree with you that, overall it’s a net-positive and...

Hi Spaniard,Agree with you that, overall it’s a net-positive and well-done DT on getting it signed. No surprises really that the sp has reacted somewhat negatively thus far, as we all know its going to take more than this type of strategic shuffling to move the dial in a meaningful way.

But personally, I’d disagree that Teck wouldn't have signed that deal unless they intend to spend the full $15m.IMO this is a common BigCo-SmallCo earn-in agreement, the headline earn-in figure suits the junior and looks good on paper, but the timeframe and minimum commitments ensure BigCo only needs to dip their toe in as far as they wish, so to speak.
The only-lock in during the farm-in is the AUD$1M 18-month expenditure commitment and the one-off cash payment (small change for Teck, handy for DRE). So, from Teck’s perspective they have flexibility to shake it and see, but the extent of the shaking is entirely up to them.There a plenty of examples of these type of JV-earn-in agreements with large headline figures that don't make it through to completion and formation of a JV...i.e. its the exception not the norm that these types of earn-in/farm-in's make it to the JV stage
Teck themselves have signed plenty of these types of JVs with similar structures (just different headlines, and staged figures) e.g. ArcWest Exploration Inc., AbraSilver Resource Corp., Altan Nevada Corp., Golden Rim Resources, Condor Resources Inc., even the DRE-Bresnahan earn-in for example.
Doesn't mean it wont go the distance...all I'm saying is that I would assume that Teck have any predisposed position other than 'lets see what the results show'.

But don't get me wrong, I do view this as a good outcome for DRE, in the sense that it defers our own expenditure and allows the focus to be 100% on the gold without having to make a decision or consolidate the ground holding due to expenditure commitments. Plus, there is always the upside potential if something is discovered, and to that end on the Ni-Cu-PGE front at the Money intrusion, I’d much rather someone else’s capital be thrown at it rather than our own (given our cash-balance and current focus).