One point to consider is that (unless my memory is wrong), FQM can then earn 70% by financing to mine. So if all goes well DRE will have 30% of a mine for not much.
Also, when this deal was made DRE was much smaller and REE not a thing yet?
Ann: Mangaroon Ni-Cu-PGE Project Advances to $12m Earn-in, page-9
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