A Possible Approach - Only GuessingThey may sell down to 15%,...

A Possible Approach - Only Guessing

They may sell down to 15%, i.e, 5% of Dorado assets and 15% of Pravo and Apus and the rest of their permits.
Will the sell down happen pre or post Apus result?
That would require a meeting of minds between buyer and seller, and that may not happen, e.g., buyer wants certainty, so after Apus result.
STO is selling down too, so same buyer is probable(?). If same buyer, timetable would be set by STO and Buyer and CVN would ne along for the ride. The advantage here is that CVN would likely get similar terms to STO - a very good thing.

Let's assume that they drill APUS prior to selling down. Two outcomes

1. success. Receive more cash: fully funded(?) future exploration program. May be able to ditch the flagged (expensive and undesirable) mezzanine finance
2. duster: Receive less cash: may need extra cash to fund extensive exploration program pre-Dorado production.

Could be a free-carry exploration component in both scenarios