Too much loss of face for Mr Drummond for it to be Sandpiper...

Too much loss of face for Mr Drummond for it to be Sandpiper unless the price being extracted from UCL is far too high.

With no takers for Wonarah, my penny's worth is it is what Seals and Lionel said: 30% of Wonarah sell off to reduce the future MAK funding liability and, just as important, to make buying the rump of MAK (including the hard-to-sell 70% of Wonarah) more attractive to UCL. No one but a brain dead chimpanzee from Rasht would exchange a mine in Iran that

1. has passed the BFS (Wonarah requires $36m of dilutive funding to get to the same development stage as Mehdiabad)
2. contains $19 billion of recoverable metal and only requires $1 billion to get it to, I assume, generate positive cash flow (Source Iran-Daily)

on the terms of exchange proposed in the current bid for MAK that includes buying 100% of Wonarah. IMO, Jordinson has no business acumen so perhaps will because buying 70% of Wonarah is less UCL shareholder value destructive than buying 100% of Wonarah after reducing the bid value to compensate for the lower proportion of Wonarah being purchased.

A bit of deja vu here what with UCL having enlarged its share capital during the MAK bid? Now MAK is doing the same. I hope the UCL bid collapses. There is no justification for it in the absence of a "the whole is worth more than the sum of the parts" statement.

Justice dictates that all you former Mehdiabad rubbishers (the zero value proponents, including Drummond) should have none of it. However, the world is not a fair place, so we will see.