the announcement, page-8

I think LCY was/is in a much earlier development stage (both as a company and as a 'project' when talking about Mt Bevan).

The risk for them is that they don't continue to define an even greater resource (i'm not a LCY holder or expert though so i may be way off).

MAK have 2 very large resources - of a mineral that is becoming more critical each year (for food production). The risk is they are running out of $ to develop both of these projects, and about half of their cash is tied up with BCD notes (may not be as bad as greek/italian debt - but it isn't exactly low-risk either).

I see a small cash injection ($20-40m) and a finance agreement to get wonarah into production as significant changes to the risk factors for MAK.

But i've been wrong before! each to their own!