My take is WSR 50%, MTX 41.5%, ADD 8.5% ???
You´re right : WSR can earn up to 50% over a four year period, but they have to spend C$ 5 m for every 12,5%.
That makes a whopping C$ 20 m for this 50% interest, probably the most "expensive" JV in JBL so far.
Good that they have secured C$ 8 m in the most recent financing round. That would get them to the first 12,5%.
And with a find now they should have no problems to get further financings with less dilution in the future (if the grades are ok).
FANTOMAS
