Is it a good deal?
LTR was looking at an oily rag so they needed cash .......they knew they couldn't throw more money at Bynoe
BUT .....
CXO appears to want the deal more ....why? (because of mining licence and their desire to fast track DSO - can't get any faster than this if they can prove up a Jorc on the new land - btw they did the Grants Jorc pretty quick so would likely want this Jorc done by end of wet season, they are Swiss cheesing it now as I type) so to me CXO probably paid at the premium end. They need this ....and behind the scene it is likely the Chinese would only finalise offtake agreement if this adds to the tonnage? I bet there will be an announcement extending the 31 October sunset date....
Upside? they know there is grade there - just need to firm up the resource. They have no idea about whether they can extend Grant tonnage at this stage. They have no idea if Ringwood and Zola will be any good. They are not betting the farm on this but they had to pay up as LTR had the upper hand. This buys them a few more cards from the deck and perhaps they will draw a King or an Ace from the stack?
Time will tell......whether they can get and extra $100-120M for 5M or nothing for 1.5M plus dilution
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