SGD and BTO SGD entered into a formal agreement with BTO on March 14 granting BTO the right to own and maintain ownership of up to 5% of SGD's total shares outstanding as BTO appears to tick all the boxes that SGD CEO Scott Berdhal wants to see in a company mining SGD's claims. Now, SGD and BTO have agreed to raise this number to 9.9%.
BTO is a gold miner with multiple currently-operating mines plus its recent buyout of Sabina (Nunavut). BTO is currently proceeding with the build of the first mining operation (the Goose Mine Project) in the 100% owned Back River Gold District.
This formal relationship between SGD and BTO is different than other explorers such as those in which large shareholders are not mine builders (eg. Palisades and Eric Sprott at NFG) or companies where one or more majors are quietly accumulating shares without any such agreement with the exploration company. Thus, I still think the most likely end game for SGD is an all-share buyout by BTO (similar to the BTO - Sabina deal) should SGD show it has the goods.