Re your third line. This is an explorer. BHP a stones through...

Re your third line. This is an explorer. BHP a stones through away building a plant to process similar ores. TM1 will not take this to production if they get anywhere near that stage. Any ores would be processed by BHP. So my point is, the remoteness angle is somewhat mitigated in my opinion, but the cost of mitigation is a lesser price for whatever TM1 has at the end of the day.

TM1's job is to define a big enough resource through shed loads more drilling, that BHP realise that as a bolt on to their own tenements, their economics get better. And a deal will be cut in some form or other.

At $25m to $30m market cap after raise, with $6m to drill, the risk reward based on what they found so far is looking pretty good. Further solid drill results get this to $100m pretty quickly, and that's 3 to 4 times current money, so I will stick with it and see what eventuates.