The Excelsior Mining property has a pre feasibility study because it's been drilled. That's among the steps needed to get the point of calculating an IRR. Hay Mountain will have to be drilled before you will see a pre feasibility study on it (including the IRR).

As to offers being in hand, we will probably never know if JB has had any informal offers, but anything on paper and outsidel of outside of laughably rediculous becomes a material event which must be disclosed.

In the meantime, what may be in negotiations remains an unknown.