That's about the best analysis there is.
Though if BTO did prove their "swarm of porphyries" theory at Primavera while gaining a higher share of that JV, that should still shine a positive light on CXB possibly having something similar on their 100% owned properties, no?
But I guess you'd reply that the exploreco market would have to improve to the point that companies with good potential start trading at a large premium to property work done and proven resources, which isn't the case right now.
Problem I can see with BTO hypothetically buying CXB at a small premium to 10-12 cents is that they would have to convince a number of funds and Featherstone to sell at a loss. I think the premium would have to be closer to where a lot of shares were bought, in the 50-60 range; that is, unless that massive volume of higher-priced buying last January has all been sold through since then, which I really don't see.