A really good post as usual, Prospekt. I do see what you are getting at and agree it is feasible that is what is going on. I have a couple questions, I'm not sure if you know the answers, but cant hurt to ask? Not trying to pick it apart - just genuine questions I personally want a better understanding of.

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However, they have already said they've moved all costs into Desert Fox. It would seem to me that any further raising of funds would therefore be done through Desert Fox. I assume this would happen after a spinoff and consolidation. If they need money before that is achieved there is the option for EE to give a loan to the company that would then be paid off after the spinoff.

Does Desert Fox have any cash to pay for these costs or is it a bookeeping entry to charge the expenses to the DF account, but still paid out of the main bank account? If not coming out of the main account, are they going to raise the money to pay for the RE they are working on now or has it already been paid for? Alternatively, I guess they could they be loaning funds to DF to be paid back to CF after spinoff or financing? It would be nice to know the plan.

Do you have any idea what the RE or PEA may cost? Is the testing of the effectiveness of the leeching method part of the PEA or would that be further down the line at the FS stage? Any more drilling required for the PEA? All of that is way out of my wheelhouse, I don't know how much cost to expect?

Thanks for whatever info you can provide.