They would have to buy out all our interest in Schaft Creek in order to become operator. If they opt for the 75% they don't actually get it until they spend that $300 million. If they want full ownership rights and operator status right away so that they can divide it again and shop their partners, they need to buy us out completely to erase that Agreement.

I've always thought that reducing it to 25% was going too far. If they don't want to spend the years earning their 75%, logically they would have to give us some sort of premium for that 75% even. Well, I think so.

I don't think they need to buy out the non-Agreement claims in order to gain control of this project. But they might as well go for the whole district while they're at it.