Medinah Minerals (MDMN)

[gman14]

What you have in a nutshell is a purchase option. Maybe it happens maybe it doesn't. You don't qualify as a junior miner with a truck and a backhoe.
For no numeration the Lett's family or one or more of them got a purchase option, with the obligation to explore and possibly prove up the property. They are initially committing what appears to be 3 million with the possibility of going to 10 million with no equity trading hands for the first 10 million of exploration costs. If their initial exploratory efforts don't deem additional investment they walk. You might not get the full exploration done and probably are far from getting it done if they walk.
In the best case it all goes well, then you get 100 million over 3 years if not adjusted, and a 15% equity stake. As a minority holder who knows how that shakes out.
I think this still trades at a premium, and I am not sure it is worth much more than it is trading at even if all goes well.

As this exploration could take quite a bit of time, it still maybe a couple years until you know if anything will actually shake lose.