I agree - could be hard for the market to really feel moved by that language. But, as you well know, that language is cationary for good reason. You never know what might or might not happen, especially in this space.

But JB clearly meant to convey what he expects will happen. And I think the NDA/non-compete will be signed soon after the SRK report is approved and ready to be shared, hopefully in the next week or two. That could be more of a catalyst.

In terms of funding/JV, do you think that JB is looking for an agreement just to fund drilling for the next 4 years (i.e., a JV of $70-100M) for X% or a longer-term partner?

It is hard to imagine getting a major to enter into a NAK-like arrangement without a similar level of drilling as NAK had at that time. So I'm guessing he is looking to sell something like 20-30% of Hay Mt. in return for leveled funding of up to $75M or so, perhaps w/ an option or right of first refusal on additional funding. What do you think?