CXO to buy RAS - Tick Tock, page-10

I think the correct statement is hasn't happened yet rather than never happened.

Core has so far just dipped its toe into the more expensive (multi-million dollar) acquisition space. That may change when they start selling 15kt of Spod each month. We don't really know what discount to spot exists, but anything close to currently quoted spot prices will have the cash rolling in. If production is say 15kt/mth and a ballpark rate of US$5,000/t is used, monthly revenue is USD$75m. Taxes and expenses will reduce this sum but it will quickly become large. When this sort of revenue is rolling in and customers are asking how quickly you can expand, acquisition and expansion decisions occur.

My guess is Core will want either cheap, largely unexplored tenements or for other juniors to significantly advance projects so that they know they are buying additional JORC resource with perhaps some development resource before it is a JORC resource. This would assist to remove the perception that Core's resource base is small. Acquisition of someone with a more advanced project like ESS, GL1 or RDT could be a possibility in 2023 (the first two have a JORC resource, the 3rd has indicated a plan to have a JORC resource in 2022). Disc shares in ESS. While most of Core's recent exploration is NT, their Fitton uranium and Yerelina Zinc projects are SA. It wouldn't be a big stretch to see a WA acquisition.

If Core do show their hand around buying out a NT tenement or NT exploring junior after they do some of the early exploration work, even more junior's will be looking in the NT to land south, east and west of Grants. It will provide a clear pathway to profits that doesn't involve the difficult task of getting a mine into production.

PS: Typo above. Core has so far had acquired prospective ground looking SE not SW. It's the Bynoe field that has the S/SW direction.