I am amused by the idea Mulholland would take his $8M up front...

I am amused by the idea Mulholland would take his $8M up front and do anything with it. Really? You believe that? he's been on a fantastic wicket here letting Teck do all the hard yards, raising money to keep the lights in the office on, and RXL's share holders have 30% of a world class zinc resource and the advice from the top is "sell out for chicken feed and while you pay my salary in the mean time we will go looking for the next big thing".

Logic suggests that Mulholland won't be rushing out to peg ground any time soon.

I also note that Marindi has yet to raise $8M to fund this purchase. And who wants to buy a 30% stake and then have to fund their share of the JV? Well, aside from IM Medical, of course. For a junior explorer like Marindi, which has a sick cash burn on other zinc, lithium and gold projects, having to continually tip money into this deal and then a mine, isn't exactly what I'd call wise.

Teck's asking for a please explain. perhaps they can feel their skirts being blown up by hot air. This could all be a great gamble by RXL and Marindi and whoever, to force Teck's hand in putting a price on Teena and having to pay out RXL.

Hypothetically, lets say they do a PFS on Teena and show a NPV of $1B (just plucking from rectum). The price is suddenly 30% of that, or $300M. You'd think Teck would want to avoid that, and RXL is keen to have this happen, so an active bidding war prefaced around Marindi vs Teck begins at $21M ambit claim, and escalates to independent experts using ValMin and the like, resulting in either a full scrip takeover of RXL by marindi (and as long as Mulholland gets a cushy job, no wuckers) to obviate the need to buy the project itself, or by Teck having to offer a substantial slug more now that Marindi is in the room.

Either way, Mr market is considering Marindi is unable to satisfy, and RXL is broke, and Teck knows it.