Freeport is going to spend $50m. If CESAR is what we think it is, MAX will own, at no further dilution to itself, 20% of whatever Freeport's money finds/drills.
When Freeport starts to spend bigly - and continues to spend bigly - it means they think they have, like our thoughts, something special. And if they do not continue to spend, if they walk away, then we never had the "special" thing we thought we had, do we?
Juniors do not own, for long, 20% of a successful project in the hands of a major miner, let alone the 5th ranked miner by market cap.
Do you think, if Freeport starts knocking it out of the park w/ drill results that we will be left to sit there as 20% owners? Maybe for a while but...
Why would Freeport let us sit with 20% of its project? They would need to move on us because 1. with every new discovery, with every successful drill hole we get more expensive and 2. eventually every miner, or wanna be miner in the world is gonna want to own our action.
All I can say is drill Freeport drill and let someone other than MAX start to think about owning 20% of Freeport's CESAR project - and Freeport will drill the heck out of this with the intention of 'kill or thrill.'
IF we're still around when a cash call does come it means Freeport is taking CESAR down the mine development road and their isn't a bank in the world who would not finance MAX's part of Freeports mine(s).
Every company going mining, take a look at their floats, suffers the massive dilution that will entail. Hell, way too many get there long before they find something let alone get to where MAX is/ will be.
It's always a trade off, let someone spend the money and take the country/result risks while diluting your property interest or try and go it alone, suffering years of risk, dilution and maybe even a roll back to get new blood in financing.