Ann: AGM 2024 CEO Presentation, page-21

They can’t afford a big dividend because all the money from Gruyère has been sucked into DEG which has been and will continue to be a lousy investment.
DEG is now trading below its offer price which is not a good sign .There is a huge overhang of 500 million shares from the recent offering so hard to see DEG share price going up anytime soon.
I think GOR management expected DEG to be taken over and they would pocket a nice profit, this Strategy was defeated by the DEG strategy of going it alone.DEG employed their superb P/R department to employ numerous people directly and indirectly to pump DEG stock ,this resulted in the share price being too high to permit a takeover ,also enabled DEG to raise enough capital to go it alone (a great achievement) ,thus enabling DEG management to continue the gravy train.Unfortunately for shareholders this has resulted in a declining share price over the last three years following the big rise.Assuming that the permits for the mine get approved say by August then financing can be put in place and construction began .The Lalonde curve will only click in 3 months before production begins and any gains will be minimal as the bank loans have to be paid off and the mill expanded.
I think the probable outcome may be if GOR stock declines much more ,then Goldfields will step in and buy the company.Fire everyone (Goldfields operate the mine )so no need for any Gor employees.Likely sell off the DEG stake and sell off whats left over of GOR into the market .That way Goldifelds ends up with a great asset (Gruyère).Very likely to happen if POG remains strong.
This is all just speculation on my part as a private investor.