It really does depend on the deal. If we get 49% of the final...

It really does depend on the deal. If we get 49% of the final value of the product sold and MinRes pay the development fees from their 51%, it is an incredible deal for us.

But, I would say that it's more likely to be a split-profit arrangement (similar to the calculation above), which means that we will still technically be footing the development cost, without being diluted. As you said above, it still would be 10c profit per share, putting SP at 50c+ on conservative estimates.