Ann: Strategic Review of Horseshoe Lights Copper-Gold Project, page-16

I still think that HOR will continue to exist after any transaction concerning Horseshoe Lights (HL).

It will still have Kumarina.

As re HL though, there could be 2 alternatives.

EITHER

It may even still have an interest in HL as the continuing holder of the tenements but having farmed them out with a mining JV in mind should certain conditions be met. In such a case all exploration and holding costs would be borne by the other party eg SFR.

As an alternative to farming out, HOR and, say, SFR, could do a mining JV straight away; but the great difficulty there is that HOR couldn't fund it as mining went along. SFR, say, though might support HOR in that regard and be repaid upon the concentrate being sold, or whatever is to be sold. I think that this was the deal with TLM with Monty - stand to be corrected though.

HOR could be paid for the rights granted, as happened with the farm in by AUR to SFR.

OR

It sells HL 100% and gets paid cash, scrip and royalties or a combination thereof.

What else could happen? Comments welcome.