Agree mostly. But keep in mind that "lesser of", and Vango's lack of money.
That "lesser of" means SGI can earn a 50% interest in any tenement by matching what Vango is able to spend on capex. All as determined by a 50-50 committee that must deal "in good faith" to execute this matter, or it's back to the judge where Vango will get yet another ex$pen$ive lesson.
The judge laid it out: in exchange for agreeing to mill the ore, Northern Star got 50% earn-in on Ord's tenements, for spending up to $3 million per tenement (and note "K2 tenements = K1/K2/PHB). Vango tried to dance their way around that agreement, by acquiring Dampier outright, in an attempt not to trigger the ROFR. But the ROFR was written so that it was triggered if Vango even considered offering the tenements. The judge explicitly ruled that BOTH the 2017 HOA and 2017 BTS trigger the ROFR.
So it's over. Do Vango's Chinese backers want to pony up $3 million/tenement? Because if not, SGI gets 50% earn-in even cheaper. Cue Don Meredith video....
