At 23M all up for their 25% puts a value on Sorby as a whole of...

At 23M all up for their 25% puts a value on Sorby as a whole of 92M, and BML's 75% 69M. As compared to current MC of 20M.

I'm sure this will be a positive for financiers, particularly government agencies.

Biggest issue in the near term is not offtakes, they can sell their product easily. Issue is (as someone else recently flagged), that at 20M MC we will all be diluted to buggery unless equity makes up an unusually small % of overall financing. Which is possible with government agency debt and also perhaps offtake partners who will provide some upfront cash or funding.

So really we are waiting on a catalyst to shift sentiment and MC north. Not sure awarding offtakes will provide that. Most likely catalyst is silver price, even though it oinly makes up 25% of revenue.