RE:Resource nationalismWell, I don't see the politial situation in Ecuador as an issue. FDN mine is running and both the tax and the permitting sitatuion look pretty good.
There are many other develeopers/producers in"tier 1" jurisdications which sufferd pretty much the last couple of weeks as well, e.g. Sabina Gold, Victoria Gold, New Found Gold,...
And also check out Kinross, they just bought a "tier 1 jurisdication" project but got sold off recently.
And if we talk about Filo Mining, they develop a project in Chile and Argentina. They sill did not even start to build the mine and their current market cap is 1.4 billion CAD. They do a great job and they create lots of shareholder value, but location is not an issue. So your tier 2/3 jurisdication argument is not really consistent.
We should also take into consideration the financial numbers
EPS in FY2021 will be between 1 and 1.2 USD. So even if we take the lower end of the range, current P/E ratio is gonna about around 7. Then there is huge free cash flow and many other great fincancial numbers. And we are talking about a world class project (top 3 around the world) which got huge upside potentail.
So lots of value drivers to come, however, the market somehow totaly ignors the value. The question is whats the reason. I assume Newcrest andd/or the Lundins are selling. Maybe they need some cash to invest somewhere else. Maybe its also related to tax loss selling, who knows. All we know is this one of the top3 gold projects world wide but the market don't give any love to it.