RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Freeport to spend $25 million on Timok Exploration for 2014I don’t believe the Earn-in agreement would have defined a framework for the Operating Agreement. That would have been impossible to negotiate at the time, and would have been a waste of effort. Also – I strongly believe RMC would have stayed away from this type of negotiation as long as possible. In the MD&A (Year Ended Nov. 2013) there is the following statement: Reservoir and Freeport continue to negotiate a definitive Joint Venture Shareholders Agreement, which will be based on the Earn-in Agreement finalized in March 2010. Until such time as a definitive Joint Venture Shareholders Agreement is agreed for the Timok Project, it is expected that exploration activity and expenditure will be minimized by Freeport, the operator of the Project. Currently, no drill rigs are operating at the Timok Project. Once a definitive Joint Venture Shareholders Agreement is finalized, exploration activity is anticipated to increase significantly. In my opinion the “Joint Venture Shareholders Agreement” or Joint Operating Agreement (JOA) is probably not a negotiation to exit the BFS commitment by Freeport. And it should not be confused with the Earn-in agreement. I believe the fact that Freeport has stopped drilling, is a negotiation tactic intended to impacts RMC’s stock price (an attempt to force them to a weaker hand). I suspect the disagreement has more to do with financing commitments and capabilities of RMC (as a small cap) which Freeport is using as an excuse to gain a larger portion of revenue in the event that a mine goes into production. This explains RMC’s recent actions - private placement which brought “strategic” investors to the table, strengthening RMCs position and capability to raise capital (for mine development) within the JOA. Here is an article that describes the importance of a joint operating agreement, in context of oil & Gas. I believe the same significance holds for Timok: https://www.globelawandbusiness.com/Interviews/Detail.aspx?g=c0ce7c01-3e4b-4418-bcf6-ddc4a33aa087 I believe the JOA is significant “now” because: a) Freeport believes it can get a more favorable agreement now (dealing with RMC) rather than waiting for an unknown and potential stronger / more aggressive partner. b) The JOA is necessary to model economics of a potential mine. Finally – the idea that a JOA is being negotiated now bodes very well for the value of Timok. Thoughts?