I think Bearing are benefiting on market for a number of...

I think Bearing are benefiting on market for a number of reasons;

- They aren't required to spend a $ on the project until the DFS stage,
- They aren't diluting shareholders via numerous capital raisings,
- The north american market seems to be comfortable gaining exposure in the project via Bearing vs LPI at this stage in the project.

There will come a time, post resource upgrade, that any major insto's / end users wanting exposure to this project will look to invest for a 50% vs 17.7% ownership of the South American project.