Very impressive. I'm still trying to digest but this is my quick...

Very impressive. I'm still trying to digest but this is my quick take:

Scenario 1 - Essentially free carried through to JV phase, albeit give away 75% interest in earn-in phase.However, given BHP only play ball with Tier 1 deposits, should the project progress to JV phase the asset(s) are significant worth > $Xbn?
To avoid copping the dilution royalty KRM will need equity in 5-7 years’ time. But again, you’d assume the asset(s) would be worth $Xbn, and being a 25% partner with BHP must be the easiest cap raise of all time.

Scenario 2 - Economic deposit but not to the scale of BHP. Asset(s) still have significant value in 10s of millions at least for a smaller player to acquire.

Scenario 3 - No economic prospects there. The itch has been scratched and KRM haven’t wasted any capital of their own.

I’m trying to be critical and find the catch but it’s hard.
Cash balance of ~25m preserved for Rana and Penikat.