who is who, page-10

It's interesting this key partnerships business. I have to say that given the choice between (1) MCO trying to become self-funding on a really small scale and building and (2) MCO accepting some JV or similar help, I think (2) would be the more interesting play. It would give us an idea of the value of the tenements etc faster, and also be a big tick for other investors.

I know this is pie in the sky thinking, and I do like the aim of trying to become self-funding as a plan B. I do think that cash remains the danger for this company, and the sooner that shadow is lifted one way or the other the better.

Interesting to see that a number of other players (most notably NCM today) are building their war chests in anticipation of snapping up opportunities as the market presents them.

Of course, part of the strategy in landing a good JV or similar would be to prove more resources. So while many are calling for exploration money to be scaled back from the stated budget, I'm actually seeing the wisdom of having it there for this reason. That said, try to do too many things at once, and you make for a shakier plan.