Ann: Bethanga Porphyry Cu-Au Fertility Study Positive Results, page-32

This reminds me of Rox at a time when the road to production was long and hard, and uncertain .
Let's go for a discovery, a game changer.
Gold plays pay off at the pointy end when they are derisked, when they have a DFS and can raise the Capex.
Nexus may well get there but right now they are no where near the pointy end it's probably years away.
So after a long study they decide to drill another project, DD too which is expensive.
If it pays off Nexus will multi bag but if it doesn't they have wasted much needed cash to get the gold play into production.
It is not so much a lack of confidence in the gold play but acknowledgement that the SP is not going to do well until they derisk it.
Looks like the market is not impressed with the strategy.
My Opinion