Hi Hipsterfan. Your good pickup of:

Tyhee Gold Corp. “Williams Creek has been a strong supporter of Tyhee, having advanced over $2.7 million in funding through private placements, which have been used to advance the Yellowknife Gold Project, which contribution will be recognized in the Joint Venture." This is the key statement.

is definitely the reason why 1/2 of Big Sky is so cheap. The private placement monies probably (my guess) was done with the understanding in advance that the additional equity via the JV would follow. It clearly was the steep price to pay to continue YGP progress, but perhaps a necessary evil for a cash-strapped company. Under the circumstances, I'm not sure Tyhee would have had a choice even if it were uninvolved board-wise with Williams. But I can see where it can be viewed as a red flag by some.

A larger concern for me is the roughly 15% decrease in reserves due to the elimination of Nick Lake due to the arsenic issue. (By the way, I think it is 15% of PFS reserves despite corresponding to 25% of ore, but if someone wants to verify please do.) We need to increase reserves in the FS IMO to avoid marginalizing our run rate and mine life even further than the PFS did. Remember we all hope that the FS shows a marked increase in reserves. I hope the other updates more than make up for this drop of 125K reserves.