Yes, it's true that the original option was between BOL and FNC. BOL then had a subsequent option with KWG (infusion of KWG money to finance the drilling). It would appear that there were no impediment for this option with KWG to proceed, and FNC did not have any objection.

If the extension (or further extension) of the option does not affect the agreed benefits for FNC then there should be no problem, say for another month, e.g. until end of November.

The option extension with BOL may include modifications of the terms (e.g. instead of 80% chromite and 20% PGM, KWG may ask for a bit more 90% chromite and 25% PGM?

Imo, if KWG gets CLF assets, then BH would be relegated to the back burner, and it would not be a surprise to see KWG not going through with the BOL option. It all depends on the acquisition of CLF assets. The 30% BD plus the package from CLF (70%BD and BT) look a lot more attractive than BH deposit.

goldhunter