Rick-UK, I equate the KATX / Vale Option Agreement to KATX actually receiving a lottery ticket from Vale. Before the Option KATX had nothing but a potential property with no avenue of income from it.
Now that the Option Agreement is in place, KATX actually has the potential "in writing" to have Vale spend their time, money and effort over the three years of the option. If the Option leads to an eventual Joint Venture Lottery win for both Vale and KATX, then so be it. Just like with a lottery ticket, we must wait for the actual drawing to take place. I realize this is an over simplification of the entire process, but that's the way I see it.
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