RE:RE:RE:RE:RE:I hold thist Stock since Sandspring Resources.Tobi,
You are recitating the prospectus for the merger .
You should observe what's behind the scene .
A) the assets
1) segovia ..(what was the cash cow , by which everything has been possible , feeding everything apetite , mal investment , divi etc..)
The colombian manager Paredes ( there for the last 15 y) is stepping down within few weeks. Who to replace him ? I hope you are knowing 13/15% of the prod is coming from "small miners " and their contracts. What would they do in case of dispute with the new team ? Remember they lower the aisc.
Take a look at the upper surface in marmato .
2) toro : despite what serafinito sold us , 15months ago , did you see any picture , photo , video of the site ? What are the real advancements there ?
The only event we got , is the pfs once again postponed , of course for good reason ...the merger ..Remember they also need a last environmental permit.
3) marmato : the legendary Woodyer sold us a 2022 prod of 50 k + oz gold there . Q2 report said they exited 15.300 oz at $1480 aisc for H1 , with the fanfastic 7400 oz at 1530 for Q2. Strong improvement lol. So ...50 k really ?
Of course " there is a price for the construction" ...bla bla bla...
But the most worrying ,is that the legendary woodyer has already 15% of the output to wpm .( to buy 10% of soto) . At this pace , all the marmato output will go to wpm soon...-))
4) soto : monstruous capex . 20% irr without any correction for inflation ! Crazy . No doubt the new aris will become the main owner as it's already officialy the operator . So $300 mil to give to mubadala . ( my bet is Mubadala will exchange a good chuck of shares for debt ( convertibles) meaning in case of difficulty more dil ..i.e eqx ) plus 600 mil to find to be built . ( you can add 30% for sure )
Wpm rubs irs hands.
5) age : i don't see theses guys running the company for long . It means along the road potential new team , new direction ... and new losses.
I insist on the fact this team is clearly saying everywhere they want to be a leading gold miner in s.america..by oz .
Always the first sentence of their pr . They never never tell u , which profit and above all what the stockprice will be.
If you want an exemple , have just a look at equinox . Same narrative , same ex team , same participants : a one million oz company !!. At the end all time low for the stock.
B ) you do not know where the price of gold is headed . We have heavy tensions everywhere in the world , a pshychopath guy talking nuclear ad nauseam , and... inflation as never . And gold seems ...dead.
To end , i do not short , i just follow Lassonde to exit step by step . If time is money ,then the gold sector is one of the worst sector. GLTA