Ann: Quarterly Activities Report and Appendix 5B - September 2023, page-75

Agreed, but as I said, debt funding is not an option as far as the company is concerned. The bank / lender doesn't get involved until approached.

Regardless, in all honesty I don't think DP would balk or decline a JV that has the best outcome for shareholders if it required some debt funding... I am now more confident in the the company would balk at actively perusing the buy back to avoid being short of funds for the ideal JV , regardless of the stock price and in all honesty, I suspect that is the reason why it has acted in this manner in regards to the buy back.

The most important consideration is funding operations and ensuring BRK get the biggest bank from the significant inground value of the reserve. That will drive shareholder returns in the future. The share price malaise has created another significant opportunity for the company to boost those shareholder returns by buying back stock at a huge discount, but that will need to play second fiddle to the funding needs of any JV ( unfortunately).

Ideally, it would be great if we could go full bore on both, and we still might be able to once any monetisation deal is announced and capital requirements become more certain.

Cheers

Dan