It seems like a cheap project to me. Whether they actually make...

It seems like a cheap project to me. Whether they actually make it to production is the real question. Remember they need to get the mine approved in a hostile permitting environment for new mines, source financing (they have no ability to fund it internally given the Talley’s situation) and actually build the mine. Do they need another early-stage project in Canada that has permitting, financing and construction risk?

It wouldn’t surprise me if this investment sours the relationship with the Talleys even further. My understanding of the roadblock is that the Talleys wanted investments to be made inside BT Mining to extend its mining life. But by being corporate thugs they’ve essentially forced Bathurst to invest separately. So both parties dig their toes in and nothing happens. BT Mining goes into run-off after the extension projects and the cash earns SFA in TDs until wind-up (or Bathurst shareholders capitulate and the Talleys buy control of BRL cheaply). Bathurst going quiet about capital management in their June quarterly was the signal a resolution with the Talleys had evaporated.