I think if one of the Chinese companies wants to do a TO, they...

I think if one of the Chinese companies wants to do a TO, they would wait for some more drill results. If you are going to put in $880-1100 m (40-50c/share) to buy an explorer, you want to be absolutely sure of the goods ... as any mistake becomes a career risk...especially with JORC just 3-4 months away.

If they rush and for whatever reason misjudge the asset, their critics would say - couldn't you have waited 3-4 months? Even if they are absolutely sure of the scale and grades at M-K, they would still want to be doubly sure given the sums involved.

And given that a Chinese company (Huayou) already has a 16% stake, the risk of this asset falling into non Chinese hands is much less, so they need not rush. Besides, the Chinese are the only ones who can work the DRC political system (given their political muscle), and so they are the most likely buyers anyway.

A TO, if it happens, would happen after more drill results and near JORC.