I reckon it's too risky for both parties for a TO offer at this...

I reckon it's too risky for both parties for a TO offer at this point. What TO price does the buyer offer and seller accept with only a handful of drilling results and an exploration area yet to be touched? The risk I would think would weigh more heavily towards AVZ. AVZ accepts $$ to realise down the track that it could have got $$$$ and vice versa. If AVZ BOD act in the best interests of its shareholders, then JV would achieve this regardless of how much longer it takes. And by the sounds of it, 12-18 months isn't that long to wait to get a few more bags under the belt.