RE:RE:RE:RE:RE:RE:RE:re HaltGood post. And let's not forget Freeport has an extremely high bar to beat, their starting criteria is at least 2mt of copper.
They are the world's largest copper miner, and the world's 5th largest miner by MC. Of course they are not here for anything less than what will make a difference to their bottom line, which means a massiver scalable mine with extended LOM over many decades. If they don't get that scenario they walk and everything reverts back to MAX.
So I ask myself what if FCX finds 1 deposit, or 3 deposits, of anywhere from 1mt to 1.3mt or even up to 1.5mt? If they are spread out too far, and not able to be mined together MAX gets them back. FCX will not be interested in trying to build a mine(s) of that size but there are a lot of companies would would be interested. Especially considering they will be have resources drilled off and be at the pre-feas stage.
But say FCX, who is concentrating on finding the feeder systems, finds them, and they do meet FCX's criteria. That means MAX has 20% of FCX's mine(s) plus the 3% royalty they bought from Baystreet on whatever FCX finds. That pkg MAX has will be financiable, especially if they sell the 3% NSR and perhaps their part of the silver stream. That gives them enough money to get a financing and keep their 20%.
Rick - I own MAX