I think the likely best outcome would be a capital raise by way...

I think the likely best outcome would be a capital raise by way of small JV with a party with money, similar to what SXY just did. With no revenue streams I cannot see us using debt to fund, as no one will give us the credit/debt in the first place. The reality is the project will require tens of millions of dollars to develop - so see us having to get institutional buy in, or a JV.

The only other option would be toll refining agreement, which would require years of toll washing before EMX had the cash to develop the assets - IMO this will definitely NOT occur, it would not allow us to take advantage of the current market.