IF an external funder / off take partner invests at the MSB JV...

IF an external funder / off take partner invests at the MSB JV level then yes. However, if for whatever reason the JV partners are required to pony up then BRZ, being an illiquid and minority shareholder, might be at a disadvantage. Especially as the company isn’t able to exercise its rights of refusal to participate in share sales by MB & co. On balance I think it’s worth taking the risk and buying BRZ.

Is the sale of 1.35% to LPI by MB and a move onto the board a precursor for the sale of their remaining stake? Could be. Seems premature as a A$150m valuation for MSB, regardless of the Litio outcome, is low. Either way, if the market accepts that valuation then BRZ has a solid price underpin with plenty of upside. A CR is the biggest risk to the price.