Lundin is the largest shareholder and initially invested AU$4.3M...

Lundin is the largest shareholder and initially invested AU$4.3M to allow them access to 51% of Stellar (Mars and Saturn).

They then passed on contributing US$2M to PXX and spending US$8M for further exploration.

JP Morgan sold down recently, leaving US Global and Ruffer as the largest third parties outside of Management and Lundin.

If there is an offer of $3.9M to these institutions and $1M to retail, it would be very curious if Lundin participates, as the May announcement stated funding is to drill Zackly, which is not included as part of a JV.

Which suggests Lundin (if they contribute) are curious what is contained in Zackly and prepared to take a look.

I'm sure Management know what they want from each relationship but those with the cash might also be playing a game of chess.