O.k., let's get technical. EMX is not a major! EMX is primarly a dealer in royalty interests. At this point, and sans a partner, I don't think LBSR would be interested in selling a royaly from Hay Mountain, assuming there will be one.

Besides, EMX does't have the cash to spare. As of the end of June they were down to 2 million from 10 million the year before - nothing coming in and lots of outflow.

I think LBSR would want to advance and piece out portions of HM keeping for themselves a royalty interest in the end, if not more. That should not be first thing to go out of a monster, but the last.

As to the deal between LBSR and the Pebble partners on nearly contigeous ground, I think both parties were under atypical motivations and moved hurriedly, so this deal can not be considered an open market transaction comparable to anything but similarly stressed deals, if you can find any. Besides, Pebble had already been defined by that time, and Hay Mountain has no defined ore body next door to it. These things mean you are trying to compare apples to oranges, IMO, but I do appreciate your thinking here, and enjoy the banter.

VP