Not nearly zero if it falls through Phase 1 Fee USD $25KBreak...

Not nearly zero if it falls through
Phase 1
Fee USD $25K
Break free cost US$180,000
Phase 2
Fee USD $150K
Break Option will apply but amount not stated.... (but if is the same % at Phase 1, it would be over USD$1Million)

Add that to the costs (exploration etc etc) along the way and it will end up a lot of wasted money if it falls through.
Some will say thats not a lot in the grand scheme of things, but it will still come as dilution for shareholders so they need to get it right in phase 1.

I like the strategy of adding different projects. But I really hope they do this as a Pty Subsidiary or something that is easily separated from Bauldwin in the event of a TO otherwise the value of this individual asset will likely be severely discounted/lost.
IMO