Ann: Exceptional Drill Results at Night Train, page-11

Depends on how it plays out, one of three ways:
1. Equity raise to fund the last stage of Capex required to build Thunderbird, whoever participates in the raise also owns a share of Night Train and any other deposits the company is to uncover, like the rest of us.
2. Equity sell down at the project level for Thunderbird, would mean that the group coming in at that level would only have exposure to the Thunderbird resource, risks and revenues that would flow. This would no doubt be in the company and shareholders best interest at the current valuation, if the business was successful in bringing on the right JV partner at a material premium to the company's market cap, which would still be a discount to the Thunderbird project NPV.
3. Finally if someone were to come over the top and make a full bid for the company using the NPV for Thunderbird alone as their justification, they would obviously end up getting Night Train + any of the other potential deposits (for free) as part of the package. The company may in fact try and carve off these assets and create a new vehicle for shareholders to retain exposure or agree on a sale price for Thunderbird and carve that asset out of SFX's portfolio. Depends if the Board and management believe the offer is compelling in today's market or if it's worth building and retaining the asset to generate superior cash flows for shareholders over the longer term. My guess is that such an offer would need to be compelling in order for management to vote in favour and recommend to shareholders.