I think Fengy needs to up his cash component to 26c, essentially...

I think Fengy needs to up his cash component to 26c, essentially valuing the offer at 65c. He needs to do this sooner rather than later before Perseus make an offer and before we finalise the next scheme booklet revision.

If Fengy doesn't get the project, then by rights it should at least require Perseus to pay slightly more (say 30%) on top of his best offer, which I think makes SVM's short term investment more palatable, as we need one party to fold at some stage. For SVM to double their money quite quickly and remain a holding in PRU isn't a bad outcome for them.

Technically ORR and SVM can't talk to PRU while the scheme is on the table. We need that waived.

Do we need to consider the Tanzanian approval a bit stronger? Fengy has provided $28M to relocate the locals and has a plan to build a mine and bring in economic benefits - Persues don't have that. I'm not saying they couldn't do it as well, but there will be a delay. FFS they have committed to relocating ~400 graves, surely that carries some weight to who the government want to develop it.

So really there are 4 cock blockers here to consider. ORR (big boys), Fengy at SVM, Perseus + the Tanzanian government.

Could the JV be the answer?