I think the "TBC" is the problem here. The well status has gone...

I think the "TBC" is the problem here. The well status has gone from "possible" to "probable". It has gone from planned to in preparation to drill, co-ordinates for LD4 have been published. The document was signed off in Jan 2023 so MIN didn't feel it was necessary to keep NWE holders informed given it had been previously disclosed. Alternatively, one might argue that MIN didn't want to bring the change in status of LD4 to NWE holders attention as it was contrary to MIN's interests. As for funding, the JV really isn't a JV anymore, NWE is now a partly owned subsidiary of MIN. I am sure MIN would have been expecting that the TO will be wrapped up by the time LD4 is drilled and therefore it will be funded by MIN. I think they may have underestimated the resolve of NWE SH and it will be interesting to watch this play out. Bottom line, IMO, not great from MIN.