There is considerable lack of confidence surrounding IAUXHere's why:
How many mines have Ewan & the boys built?
Who, currently on staff has developed a mine and then brought it into production?
Why did they not jus retain and build Greenstone. Surely, if they wanted, a poison pill, would have give the big F U to Equinox.
There is a processing facility at Ruby Hill that can immediately be refurbished and ore can be processed to generate the funds to repay the notes when due and to develop the remaining two properties. Why swing for the fences to develop all 3 projects concurrently? Apparently, there is doubt that they can pull it off without significant dilution.
Earlier, I asserted my belief that the FOR SALE sign was out. Just observe Ewan in his interviews. Look at how he beams when he discusses the many fine results/discoveries with the drill bit. Ewan & the boys are adrenaline junkies looking at core all day and planning the next collar. Now, look at the period encompassed by the DD for the "proposed JV". Seriously, eight months on one project? Yep, FAD was hoisted onto the scene and recalibration was necessary however, if I am the JV partner, I want simple and do not want to hire an army of Forensics to decifer and allocate proceeds. Not only that, the JV partner will cede operational control to folks who never operated a mine?
IMO, DD is likely being performed on the Company as a whole. Is someone sandbagging the price to gain bargaining advantage? Yep, likely.
The idea of 3 mines feeding the Autoclave is a sound one. Likely though, it is a bridge too far for the current Management. They are however outstanding explorers who should be unleashed to explore to their hearts content.
Phew.