Amplats would not continue and put $500,000 into a JV to avoid a "humiliating loss".
All may not be perfect but come on. These exploration JV's are normally structured so you can just get out after your agreed spend. People walk away from exploration JV's all the time. You wouldn't survive for long as a decision maker in this business if you didnt walk away from the bad ones.
The Amplats deal is a real mark of confidence by an leading operator that has looked under the skin and likes it enough to do serious work.
Congratulations to AC and colleagues for pulling off this deal. It could add considerably to shareholder value.