Latenite;
Sorry to disagree with you, but I can make a more detailed analysis of what Cliff's very likely intends, as opposed to simply what they want Resource wise.
Cliff's wants (as in would like) to operate a Chromite Mine in the RoF.
FWR has the Best Chromite in the area (Grade, Proximity to Surface, Deposit Size, etc.) with sufficient Resources to be Mined over ~ 100 Years.
Cliff's already has a Market for a set amount of Chromite.
With this Resource in hand, Cliff's will finance and build the needed Infrastructure! Cliff's need not own the Resource. Just have the Rights of First Refusal on what ever is mined.
Cliff's, with the Infrastructure Funding In Place, may also desire assisting in the Financing of the actual Mine. If so, the Funds will be much easier to arrange.
And Cliff's would/could up their stake to some desired level, so as to ensure that they both get to operate the actual Mine AND to ensure they get the Chromite Quality needed so as to have Ore Characteristics needed which they WILL then Market to their EXISTING Customer Base, as well as to any one else wanting the Chromite being mined.
Cliff's will own the Infrastructure. And will Operate it at a profit. Over and Above the ROI needed to Finance it.
Thus, Cliff's will make profits on Operating a Chromite Mine. Cliff's will make profits on Operating the Area Infrastructure.
With this Profit Cliff's can either Pay out to their Share Holders, or Reinvest the Proceeds.
If Building a Smelter to upgrade some of the Chromite appears to be worth while, some of the Proceeds of Operations respecting the Infrastructure and Chromite Mine could go toward supporting the construction of the Smelter. Otherwise, Cliff's may look into buying into Area Claims Holders and further Diversify their Business.
In any event, Cliff's will also make very good profits on Handling ANY and ALL Ore being shipped out of the RoF by "Any Other Group" having built their own mine, with the assistance of Cliff's Infrastructure. An further Profit point for Cliff's. Bringing in the Materials others will need to Open any other Mines in the RoF AND the greater JBL Area.
Cliff's may even participate in Building and or Operating ANY Such Other Mine(s) developed in the Rof Area.
Through ALL This, Freewest, or the Entity their RoF assets are spun out into WILL Have a Central Seat and consequently Freewest can and maybe should become a very significant NEW Canadian Minerals Producer in it's own right! If not only an Excellent Long Life ROYALTY TRUST.
Old Joe
Quick FLIP for essentially CHUMP Change (the Hedgie Way) so as to GAMBLE and/or squandered elsewhere?
OR
Very Good AND Very Long ROI for All those willing to DEVELOP their Investment Resources? Very Good Indeed!