I doubt that the banks will lend gung-ho to juniors to fund...

I doubt that the banks will lend gung-ho to juniors to fund marginal mines and that competition will swiftly fall away when prices dip. I also feel that the time frame is a bit short . Two or three years would be testing to produce a bankable DFS starting from scratch. That, in itself, requires quite a bit of money. Even if he expects this other production to come from middling and large companies, a lot of them are slashing exploration expenditure.

They have to get a move on because they have precious little to show for their efforts since the last CR. In my view, they need to get together something that can be sold outright or sold into a JV with a company that has the wherewithal to push the project through to development and then to production. It would seem that they now consider that Toggenburg will yield what they need. Hopefully it will and hopefully they have enough cash remaining to produce something that might attract a purchaser or partner.