If Cokal agrees to terms there should be no need of a TakeOver offer from BMA.
I think Cokal will add more value to its tenements and projects before considering a buy out. They would be much better served to proceed as planned, and start mining and scaling up production. Play all parties against each other and see who blinks first. More bargaining power if one commits, more chance to create meaningful revenue, and more chance to bring TBAR closer to mining in future with infrastructure and revenue.
Notes from AGM, page-47
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