RE: at the worst we''''ll be bought outMaking a decision to grab $50MM/yr virtually no risk and no capex cash flow vs funding up to a $100MM facility and waiting a few years to get cash flow (but 3x the mine life) seems pretty clear decision.
From my ciphering, a leach facility gives far better NPV, especially when including the tax benefits from shielding CdM cash flow (as every dollar saved in taxes is equivalent to at least another dollar in cash flow).
However, there is more risk involved with a leach facility. If risk could be excluded from the decision, going the leach route is the obvious choice.
GMI is fantastic value right here.