The benefits of any JV is that a bigger partner spends the money to prove up a property that the junior partner does not have the resources to do. AMC perhaps could do the initial drilling work. But they have so much other stuff to do and explore it is probably a good choice for them. Especially since it is certain, as Maurizio stated, that Auryn would not be able to put the PN into production by themselves as it just costs too much money. It could cost $1B+ to put a large copper / moly porphyry into production.
So assume the JV proceeds, and if the property is proven up and is viable. At each stage of the JV Auryn’s ownership percentage decreases but the proven asset value increases greatly. MDMN would own their percentage of this asset.
This continues for 2 or 3 phases of the JV, several years, and if all goes according to plan usually the end game is the senior big partner buys out the remaining ownership of the junior partner, or at least most of it. In this case, Auryn would end up with some kind of buyout event of their ownership of those properties and this would be cash to Auryn a pro rata portion of which could theoretically be distributed to Auryn shareholders. Alternatively, it is possible, as Maurizio spoke about, that Auryn could retain their portion of the properties (15%? ) and Auryn’s portion of the production capital costs could be footed by the major as a loan to be paid back out of production proceeds.
SUMMARY: for the next several years it will be about exploration results, increasing asset value, and the implicit value of having a major associated with Auryn and the mountain. This should bring a credibility boost. And it brings in new shareholders. There are significant PM and commodity investors whose investing strategy is simply to front run a buyout by a major. As a buyout becomes more and more likely you will attract more and more investors like this taking an early position expecting to be bought out by a major. Those guys can not buy Auryn directly. So MDMN / CDCH would be their options.