Ann: Genesis Offer for Dacian to close and WILL NOT BE EXTENDED, page-10

@shaper

Kin is owned 35% going on 40% by Delphi who have shown no sign of fatigue ... in fact they own some of the 10% blocking stake in DCN with Kin.

As it stands GMD is just a shareholder in DCN. They don't own it and they can't treat it as if they do. If they can't get ownership GMD will have to fund DCN exploration for years before DCN restart the mill and make enough to deliver a dividend to GMD (or Hoover). In any case, 300 k oz a year is a pipe dream without the DCN mill which is 3 times bigger than the SBM mill, and bear in mind SBM is making no money and neither is GMD, so I can't see how time is on their side. I know there is plan to use the SBM mill and Ulysses ore, but there is no reserve yet and no DFS, so no one actually knows how viable that is and what the timeframe will be.

A DCN capital raise might put pressure on Kin / Delphi, but I think not. For a second TO bid GMD would need 90% of all shares and 75% of the remaining shares (which atm is about 20%) ... a blocking stake therefore only needs to be about 5% of the total shares, so even if the Kin / Delphi stake is diluted they can still block. The money for Kin's DCN stake basically came from Delphi, who seem to have deep pockets. The Kin board don't have to worry about impatience imho.

Could be wrong of course, can't see the future. But I did buy some DCN as a bet the last 20% of DCN is going to cost GMD a lot more than the first 80%, because despite the bluster GMD has to get that 20%.

For what it is worth I can see why consolidation could work in Leonora but I don't buy the hero narrative. But good luck to GMD holders ... maybe GMD will be the big winner.