Great find - thanks for sharing that. They're going from mining...

Great find - thanks for sharing that.

They're going from mining in South America, to Africa - how they'd love a nice high-grade discovery/mine in a first world country like Australia. Super hard to find though, so if one is found then it's a game-changer.

I am actually surprised they haven't walked away from the JV, and still might - imagine your flagship producing cash cow mine just gets taken away from you, and market cap more than halves, and you still have debts to service - not only would you want to cut every single cost you can, but the lenders would want/make you do it too.

They've already halted their Australian operation at Ravensthorpe, and I was a bit surprised/encouraged that they didn't cut off our JV too at the same time, but there's still time. haha

Either way, if they walk, we get 100% of the grounds, and the few million that FQ spent on it is a gift to us.

Optionality is then there to go for it ourselves when Nickel recovers or JV it out to another Major on the same terms (or better terms now that they've done some exploration, confirmed massive sulphides and high-grade results, got targets, etc).

Also, it's not a nickel play, it's nickel-copper which makes a big difference as most nickel only/mostly nickel projects recently became uneconomic, and if the JV/Money was a mine, it wouldn't have got hit as bad due to the project being 50/50 nickel/copper.

Also, am surprised that FQ are going for a $20B payout from Panama - I read somewhere when the news first hit that it could be $5B and thought that's fair-ish.

If they do hang around with DRE, and they do progress the project and make the discoveries that they think are there, and they get that $20B down the track; it'll come in handy in buying out DRE's share of the project.

Also, Nickel price has bounced about 10% from recent lows, with most of the bounce coming in the last few days.

Cheers,

GB.