Good analysis. Agree that this is a lawyers picnic, VMC don't have the funds for this legal enterprise and will need to negotiate a settlement quickly.
Some corrections are:
VMC are free carried by RXL so not burning much cash.
VMC/RXL are doing well with their drilling. It's too early to say which is doing better ie SPX or VMC/RXL
We do know that VMC/RXL have a substantial compliant JORC, they also have the Younami mine and processing plant.
SPX and partner CHN, page-17
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