RE:ThoughtsExcellent post and lots of good questions / analysis. My 2 cents.
It's not clear what Fortune's strategy is. They seem to be working towards the concept of building and operating the mine and processing facility internally. From an outside perspective this is the definition of a clown show since it appears well beyond their capabilities and financial means.
I think most investors believe that selling / partnering with an established miner is the only way to proceed forwards. It's confusing though that they are spending so much effort on identifying refining sites and optimizations, when they should be urgently updating their feasibility study.
In truth, I don't think anyone on this board can estimate a purchase price since the Feasibility study is comically out of date (given all of the positive and negative changes that have occurred in the last 10 years).
Most people on this board seem to obsess about the 'number of onces in the ground' and the overwhelmingly positive "macro environment", while completely ignoring the realities of building and operating a mine.
Potential revenue is only 1 side of the coin. On the other side is construction, operation, regulatory, interest, taxes, etc.
In my opinion, the mine is only marginally economic and requires flawless execution to avoid it being a money pit.
This is why, I believe, there have not been any white knight suiters emerge to make shareholders obscenely wealthy. There is just too much risk building and operating a low margin mine in the North.
The secured loans also make it more likely the lenders will just push it into bankruptcy and undertake to market and sell it themelves (potentially netting a massive return on their loans.
All of this, only my opinion of course.