Further to an earlier post of mine...

Further to an earlier post of mine (https://hotcopper.com.au/posts/68840683/single) Sprott look like they are of similar opinion.

RIO have SVM virtually working as a JV HoldCo for them over next few years of studies, mining and community permits etc. Uncertainty how, when (if even) RIO choose to take more control, and for what terms, is a competition price-tension killer yet doesn't obviate the need for funding down the track. Does RIO offer a cheap JV funding deal (ie RIO takes 50%+/- of project in return for equity and organising debt) or happy to let SVM issue large amounts of debt at low price for funding equity?

Downside is mitigated somewhat because RIO wants to move forward and SVM can stymie that if RIO plays too hardball. The deal is good for ultimately having the project funded and developed on a large scale as is RIO's only interest, which is very good for whoever owns that private 2% profit royalty, worth many millions annually, but only kicks in if the project is developed. Oh, I remember, SVM's MD owns that royalty... which makes dealing with the right partner to actually get developed more important than any incentive to drive share price gains over the journey.

Maybe more a bird in an iron cage than gilded one?