I do not understand not using whatever leverage you have

I don't believe Elmers wants or needs the leverage on the option lands.

Would make sense if the whole game here is a very friendly arrangement whereby TCK buys 100% of the agreement lands which is really only 25% of the equity. The option lands then becomes TCK's worry to prove up for completion of a mine decision.

Cuu walks up to the hills and continues drilling the additional properties with the 85 million plus the purchase cash and minus a shareholder payout. There is no CUU 2.0 just a company flush with a huge exploration cash budget and plump a share price with some great properties to drill out. Proving the district is a potential that will unlock even more value in the the coming years. Why would an explorer such as ES sell before its been fully explored. Would EE and ES leave this potential pile of cash behind?

When push comes to shove why would EE want to hold onto the 25% interest of the option. We really gain very little in the long run with a Tech back in at 75%. He has already established its value. The task on this portion of the properties has been determined. Even though drilling is not completed on the pit waste everyone knows its true value.

So lets move on. Drill the other lands of which we own nearly 100% after NSR's and acquisition agreements.

That's what I would do.