Apologies in advance, if I am interpreting the above incorrectly.
GOR JV is at a different stage. (Production not exploration)
Even then, I would consider a 30% dilution to a 50% split / share in resources.
The JV would be giving away 50% for the life of the mine.
So if DEG did the same.
At todays Oz's, we would be giving away 5moz ($5 Billion of profit) for say a 1 Billion dollar plant.
At that stage of mine build would rather have our SP around $2.50 or $3 with resorces at 20moz.
So I would consider 300 or 400 Million shares given to Insto's as better value than 50% JV.
400 Million shares would be 20% of the Coy / share of profit.
JV would be 50% of the profit.
Ann: Completion of Fully Underwritten A$125 million Placement, page-67
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