Ann: Galena Secures $90M Project Equity For Abra, page-104

I think this must be one of the more bullish brokers reports I have seen. Very interesting to see what they expect the upgrade in the NPV to be is based on resource upgrade - 25%. I was expecting something around the 20% mark.

I would say given Toho rose 5% on the back of this news and that they have already done their own DD that this deal is very unlikely to fall through unless someone comes along very soon with a much better offer.

One thing I have been thinking about is how much this deal derisks the building of the mine and processing plant. With explorers/developers the transition to producer is always fraught with risk as the skills needed to be a good junior explorer are not the same as running a profitable mine. Toyo has experience mining here in Australia and they will know what to do and they will have the people here to ensure the mine is built right.

Bottom line I am happy to hold this all the way through to production.