Yes MLX is a ‘distressed seller’ atm allowing any purchaser to get a good deal. Not sure about $1 - perhaps with an NSR attached this could get through. They could just sell a small royalty on it to a royalty/streamer in order to continue to fund C&M after the resource upgrade which should show they’ve found more economic reserves. Hard to imagine APAC wanting more equity dilution.
They could do as you suggest though by then there is every chance MLX has repaired their balance sheet and a fully suspect C&M bills to be brought under $10m pa if they decide to hang onto it. They also run the risk of a competitor picking up the asset if they throw in a low ball offer.
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