@housing But majors never want to buy a project that has not been proven out. Their whole modus operandi is to let the juniors take all the risk and expense of finding, exploring, and proving up the economics of a deposit, then they will buy it. The majors just do not do green field exploration anymore. Almost all their exploration is to expand the resources of projects they are already mining, or own. So sure they may pay up for a project they want, but they avoid buying a lot of projects that are uneconomic, and in the long run that is much better. Think of all the companies trying to prove up a resource, hundreds of them. How many ever get to be a project bought out by a major. A very small percentage. All the rest have done the green field exploration that the majors never have to pay for. It is a system that shifts most of the risk to the juniors. And the management of majors have to be conservative, because one big mistake in a takeover can cost them billions (the takeover price plus the development costs). And shareholders do not take that kindly.