I'll tell you what a major do when an explorer finds a large size high grade deposit; they won't come and put a bid at the middle of exploration, they wait until the explorer uncovers the whole potential, they wait to see if it's a Tier-1 deposit or not, while they watch every hole drilled, and while they watch out the other majors,.. because they have money, they don't take unnecessary risk and they are always happy to pay the premium for a derisked Tier-1 asset.
It's so simple.
And we know that.
However the small buyers won't wait like the major, they want to take the risk and make offer. LTR most probably received those kind of unofficial offers (as @DaisyA explained), they most probably refused to talk about selling the asset in terms of the limits of our imagination (e.g. $500m)
Because they know they have a Tier-1 asset they want to get it ready for the majors' offers. Hence the drilling continues, PFS and all related work (which is very comprehensive job and a lot of company and people are involved) are in full progress as if they will develop the project and be a miner.
LTR will offer the whole package; A Tier-1 asset and the detailed project with PFS ready.
LTR Price at posting:
13.0¢ Sentiment: None Disclosure: Held
(20min delay)