looks good on the charts, page-50

OK Tibbs.
You see BMN buying the 20% they don't own with money they don't have giving them a commitment to fund more of a project than they already have AND probably at a discount to that which the vendors could attract by accepting an offer from a major.
I on the other hand think this is the least likely scenario for the stake.
They are natural sellers, no real chance of coming up with their 20% post BFS,,,,,,, Agreed,,,,,, OK.
They've argued it makes for a tasty option for any party wanting a stake.

But why vend it to BMN???? as above.

I agree totally, of course, that the ords will reflect the value of any such deal........ I restate it logically has to be targeted by a major, hell the listed co can be bought for probably 200Mill as has been said 40 mill for this stake has got to be reasonable.

The bigger issue is the way the non-dilutive rights confer and the dilution we will see going forward just makes this a more attractive morsel.

Incomplete thoughts.. gotta go