Pilbara Playbook, page-27

Louden's Patch is a long way from Comet Wells but Novo has staked ground around De Grey's properties. Novo has built up it exploration staff. Where will they go first after Comet Wells? Might be near De Grey land. It looks like KL will takeout or merge with Novo once a resource is proved up. It's logical to think that KL might want to add De Grey into what could be a new major if area proves up large reserves. Having a plant processing conventional and available for bulk samples or trial mining ore makes a lot of sense as you say. Andy says De Grey will mine it themselves but he needs to raise funds for a plant and buying the Indee property. Bank will not loan money on conglomerates thats gold content can't be accurately measured so it will have to be on the conventional gold. If De Grey can't raise funds for a reasonable price, then they'll have to turn to a company like KL for JV or takeout. If De Grey does build a plant, then they'll be an even more attractive takeout target. We'll know in a year if De Grey can go it alone.