I would rate this as a fantastic outocme - the upside is that...

I would rate this as a fantastic outocme - the upside is that without any shareholder dilution the company gets essentially free carried into ownership of 25% of a large scale gold copper project run by top five global player in this space... The worst outcome is that the company gets $5mil of exploration results on a project that might still be worth many times the current MC, but too small for Newmont. In the middle is a Newmont buy out of Legacy by taking over the company itself or paying cash and shares for the 25% of the project it does not own. There is absolutely nothing wrong with this deal if you are holding shares in LGM for the medium term - because the Lachlan Fold is elephant country still, and things take time.