A few comments;1. (theoretical) Worst case in the event of the...

A few comments;

1. (theoretical) Worst case in the event of the sale is the company being valued at cash in bank. After tax that would hopefully be say $100M which is 40c per share. Not back to the highs of earlier in the year, but up 30% from current levels so not necessarily 'a particularly unpleasant bath' either. Moving forward, cash in hand may well offer up some opportunities. Remember CHN only picked up Zara as a result of pouncing on SBS when they were in a distressed position (and after selling the then namesake project).

2. It wouldn't be a good look (and will be a hard sell) for management to go back to raising finance if the deal falls through. They're big boys and will have to suck it up if that happens, but it doesn't do much for perception (or perceived credibility).

3. (combining 2 and 3) I agree with your comment that it is preferable to sell the whole company and not just the 'crown jewels'.

4. Re: exploration. All hits are good hits... The broad low grade intercepts are interesting but there are also some higher grade intercepts. The million dollar question may be whether the high grade bits start to hang together a bit more along strike?

I have an open mind on this overall. I like Chalice's prospects and management and believe that they could have a strong future as a standalone company. But, if the price is right, then c'est la vie.