Sure. How I think PLS is better off (all in my naive opinion):
1. it frees up ability to negotiate sales and agreements (especially before production which makes the development process more secure).
2. it provides PLS with a partner with experience and resources it needs to come to production and post-production with operations and customer management. You may say the agreement it is not worth the paper it is written on (it hasn't been written yet actually - that will happen over the next few weeks) but MIN now have skin in the PLS game, they clearly believe the project has long term worth otherwise they wouldn't have negotiated away their rights and royalties for equity, why would they then turn around and cripple their investment?
3. It introduces economies of scale by teaming with a producing partner.
4. It potentially adds capital backing - PLS still needs to set up a mine and won't be able to do that with its current cash
MIN played hardball with its ROFR. That is business. They are a 2 billion+ dollar company who are making money. PLS are 600 million dollar company with no income but a resource they are hoping to exploit.
MIN have seen value in that resource and wanted in on it. Having them making life hard for PLS (when PLS is rushing to hit a production window) would have been nasty and complicated (as evidenced in the recent past).
All business involves juggling price vs payoff. Holding out against them risked our payoff. We paid to remove some of that risk by giving them equity. The result (IMO) is less risk and more value.
Sure if PLS could've tried to work a way around MIN and may have managed to get the mine up and running on their own and then they may have been in a better position down the track but that would've been a riskier path given MINs desire to use its clout to make life hard. PLS management decided to compromise to reduce risk (and in return to get active assistance rather than impediment). That is business.
Personally I think a wise move that will increase the likelihood of a good payoff vs reduced likelihood of payoff but a somewhat higher payoff if it did succeed.
All IMO (and I am not an expert but do have skin in the game and want a long term payoff)
(20min delay)