Hi GF, I've often viewed exploration/development plays as...

Hi GF,
I've often viewed exploration/development plays as external subbies to the bigger companies they're affiliated with.

Think CZI and OZL west musgrave project.

The smaller company finds it and develops it for a fraction of the cost of the bigger players. Bigger company, more layers, more costs. SLR gets early mover friendly postion in BC8, and BC8 develops the ounces quicker and cheaper as that's their stage of development and focus whereas SLR is more producer status and its more effective to pay up once someone else does the hard yards for fraction of cost.

Let BC8 develop it with their team of developers then welcome them into the fold later on.
The de-risked entity then gets taken over, the production pipeline for the larger producer gets filled.

Like I said before, chatting to colleagues in these mid tiers they are all moving quicker than they would havr a year ago to shore up their continuous feed for mill sequencing.

Cheaper to buy proven ounces than faff around yourself if you're a larger more cumbersome less nimble operator.

Just a thought based on M and A I've experienced in my former work lire.

Either way north of $200 mill MC for BC8 in current bullish gold market is most welcome.