A PP is needed for the drilling program.
In my view, it would make sense for Fortescue to make another offer for the upcoming financing.
They could increase their share further with minimal effort.
Let's assume that around 10 million CAD are needed.
Assuming Fortescue pays a 30% premium on the last share price of 0.55 CAD, we would arrive at 0.715 CAD per share.
10 million CAD would then be used to issue 14 million new shares.
Fortescue would increase its holdings from 26 million to 40 million shares, which would then mean a 40% stake in Alta.
Would this time, i.e. directly after the PP and before the drilling program begins or at least before the drilling results are evaluated, not be the best strategic point for Fortescue to make a purchase offer?
Why?
Because at that point, 40% of the shares would already be held by Fortescue,
the expected increase in resources of possibly 50% would not yet have been recorded.
After an increase in resources of, for example, 50%, a purchase price increase would be expected.
Fortescue would save itself this.
And we shareholders would reach our goal more quickly after the long wait.
That could be a win-win situation.