RE:RE:sabina
If Hackett goes ahead the stream alone is worth comfortably more than SBB's enterprise value, and you can throw in SBB's substantial treasury and Back River for free. If it doesn't, SBB has to go it alone with infrastructure in that area which is not possible for many years if ever. It's either both or neither.
IMO the investment thesis here would be that if metal prices move enough to give Hackett the green light, SBB has both the stream and another large resource with huge infrastructure synergies with Hackett. If you think these mines will actually be built at some point, why divest now when valuations are near multi-year lows, and throw away the strong leverage to PM prices?
The last presentation emphasizes a the low cap-ex / preserve cash strategy while pushing forward on engineering and permitting. My sense is that SBB is not contemplating actually building the mine anytime soon - an important turnaround from Denver last year.
Shareholders can disagree about corporate strategy, but to me management is doing the right thing - holding tight in a position of financial strength and waiting for better business conditions.