re: Ann: CAP and Pure Metals agree new JV to ... Hi Snowy,...

re: Ann: CAP and Pure Metals agree new JV to ... Hi Snowy, thanks for your posts I really appreciate your input. I also first bought into CAP due to the fantastic JV with BMG, but as you say, it was ultimately too good to be true.

Correct me if I'm wrong as I'm only going from memory, but the original deal with BMG was BMG would pay $25M for the BFS to earn 80% of the HIP. Cap would retain 20% and be free carried.

Now Puremetals will be paying only $5M towards the BFS, but CAP will retain 60% of the HIP.

CAP has $5M to continue the BFS for now, and will be working towards securing a JV partner to perhaps stump up the remaining $20M or so needed for that, plus any other conditions (free carry etc.) that Nick can negotiate with the 60%.