I think the best scenario for BNR is that GEM is unable complete the deal.
That means that BNR gets 100% of the tenement, so pay $750k to Geko on top of $250k, but have 130k ozs of gold for $1m + royalty payment to Geko when they start mining it.
I don't know of too many buy-ins that are longer than 3 years.
So on 20 December this year BNR may own 130k oz gold mine and still have a bunch of gold.
Ann: Acquisition of Gekogold Pty Ltd, page-27
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