mtm & squireI believe that what I have presented is a...

mtm & squire

I believe that what I have presented is a conservative base case. The arguments that you present can be viewed as possible upsides from that base case.

I am not saying that your scenarios are impossible, but I do think that they are very (overly?) optimistic. (Personally, I also see a great chance for a significant upside in exploration success of the Hera and also the Nymagee deposits.)

In any case, I think that even the base case is a very good outcome for YTC. Glencore are putting a lot of money on the table, and they are taking a lot of risk. Consequently they deserve a large piece of the cake. Just how large that piece will be remains to be seen.

@mtm: for your interest, the presented base case is not very sensitive to the sp at Facility B conversion time:

assuming sp of 40cps --> Glencore gets 49.06%
assuming sp of 80cps --> Glencore gets 41.24%
assuming sp of 120cps --> Glencore gets 38.07%

That means to me that the deal is driven by the initial placement and Facility A.