EVN JV Dissect

EVN has spent $10.4MM of the $15mm agreed to for 65% ownership. There's no doubt the balance will be spent in this solely EVN funded drill program.

There's an option for EVN to spend an additional $10MM for a 75% stake.

At whose discretion is this the exercise of this option. Clearly EVN would spend; howver, does ERM have a veto? In triggering an option to veto, capping EVN's stake at 65%, I see this being the point for an ERM cr to take the project to the shovel-ready stage, knowing EVN will be primary funder --65%-- of the as yet to be determinerd cap-ex.

In stemming EVN's predatory-based 65% ownership (done during Au's dark days) ERM could retain 35%. Thereby possibly making this discovery a company-maker, piggy-backing on ERM's small mines strategy, ultimately propelling ERM into the smaller mid-tiers depending on discoveries/additions.

So, what are the possibilities concerng this option being exercised, or not?

One part of my investment thesis here was ERM's low risks: cash; jurisdiction; JV interest/approval, and underlying commodity.

OV

PS Thanks (main was it?) for the supergene mushroom analogy, immediately made me think of truffles, a few slices of which will be affodable if things go right.