Preliminary Economic AssessmentIf Vanstar is in a rush to move their shareprice one strategy would be to commission a Preliminary Economic Assessment. Companies with slow partners, hoping to get some offers sometimes use this strategy to accelerate the project decision making process.
Vanstar would have plenty of information available to complete the study, there is a relatively minor cost in getting the study complete and a bit of time. IMG may not react kindly as they don't seem to want to rush the project; however, if those who hold the most shares of VSR want to get paid $50-60+ per ounce quickly then this a way to do it.
If those who hold the most shares of VSR are patient and want to wait for the PFS and FS and get paid much more than $60 per ounce, then VSR's staff and board can sit back and relax. They have enough cash to comfortably keep the lights on while waiting for IMG to drill and develop the Nelligan.
If Vanstar wants to advance other projects they will need to raise more money at some point but these projects are optional. The vast majority of Vanstar's value is with the Nelligan.
My personal preference is things happen more quickly, I would like VSR to do a PEA, identify the current value and get bought, better for my pocket book, but I can understand the other side of the argument too.