your read through on JV partner is probably right - id been...

your read through on JV partner is probably right - id been saying repeatedly the jv partner probably wouldnt be 'there' yet- but id disagree with most of your take

on my initial reading

1) the option price is the 25% of the JV spend for 12 months - and one upside of that is it should clear BML of having to waste time and resource on JV budget approvals etc, while 100% bml prospective ownership may assist with naif and other funding sources etc

if you used last yrs budget thats ~ $2m extra at a guess.. though we'll need to hear what the budget actually is...

2) the option strike is $12.5m initial... you cant bundle in especially the 3rd tranche as thats from cashflow and

= so BML really is buying itself 12 months of improved SP optionality for a tiny dripfeed outlay

its on balance a good deal with almost bupkiss additional dilution risk UNLESS and ONLY if bml elects to execute - which presumably it would only do if the SP and other factors merited it

a fly in the ointment might be the visual complexity that option adds - will take some explaining, repeatedly

but as you can see from how you interpreted it vs what it actually is - that can actually be a real issue

i like what ive read to this point. But need to see what further detail may emerge