RE:RE:RE:RE:RE:RE:RE:SGD hasn't proven up enough ounces???Agree. If it's a bulk tonnage open pit mine, it can be quite profitable at 1-2g/t, particularly if the widths are big. The Detour mine, an extremely large open pit mine that was built and went into production on its own before being bought out by Kirkland Lake Gold, had an average grade significantly less than 1g/t yet was profitable because the ounces were easy to get at.
IMO the main issue re. SGD is it's location and how much initial and sustaining capex it will cost to get to first pour, which affects the other metrics if an eventual FS was to be completed at say, Valley. If no FS is conducted and the company is sold at the MRE stage, the suitor (my guess would be BTO) will take that added uncertaintly into consideration when negotiating a price per fully diluted share.