I've looked into the details of this deal a bit more, and yeah,...

I've looked into the details of this deal a bit more, and yeah, in a perfect world, Hastings wouldn’t have to give up 60% of Yangibana. But realistically, they couldn’t fast-track this project alone. Sure, they sacrificed a portion of the project, but in return, they wiped out their convertible note (valued at ca. $140m with $220m for the note and -$80m for current Neo share package value) and got a solid partner to cover 60% of the remaining CapEx, that's equivalent to $190m. Owning 100% means Hastings has to carry the burden and risks of $316m CapEx alone. And with a 50/50 gearing, my guess is Hastings will have to issue >$100m of new shares to support the loan. At $32m new equity (as shown in their ppt slides) is more than 3x LESS equity dilution. This must be better than owning 100% and suffer heavy dilution. In the end, they still own 40% of a project that now has a much better shot at actually getting into production. That’s way better than holding onto 100% of something that just sits there for another decade!