This JV came as a bit of a surpise. $600k for a 11% stake in QRL @ 0.085c/share. When I saw the annoucement I was hoping FNT were more of a player, but only with a Market Cap of $20m, though they are supported by Newcrest.
The good news is it's stated it frees up time for QRL to "focus on exploration at its Flagship Bismark property". I assume the 50:50 JV doesn't include Irak tenement?
Will be interesting to see how this plays out. I've read a post on FNT HC page and they're not overly happy splashing $600k.
Despite all this I don't mind a small SP drop to average down further. Fingers crossed for good intital drill results from Irak in Q1.
Cheers Newt
QRL Price at posting:
7.7¢ Sentiment: LT Buy Disclosure: Held
