Ann: Mount Isa East JV Update, page-13

With my limited knowledge of the details of the deal, my instinct tells me, it would have been more "comfortable" if JOGMEC assigned their 60%, after they spent the $6 Mill which would mean that the Trafalgar discovery was better "defined". I get the sense that a big Japanese co, with big bucks may alter the current dynamic. At least if they then decide to spend big, HMX would have more to show for their 40% and could raise at a higher price, or get paid a bigger $ value for additional interest in the JV.

When a minnow is fishing with the sharks... The big Jap cos can easily outspend us and take their 60% to 100% and blow us away without having realised the max value of the ground. idk what contractual provisions exist, but its good that a JV lawyer is on the board and hopefully can help "manage" this dynamic.

Anyway, whatever the case, this will lead to more $ in HMX coffers and we have shitloads of 100% owned , good ground to look at.