Why did you invest in an explorer if you believe that ?
Having "just drills poking the ground" didn't stop DEG from reaching a 1.6bn$ valuation.
Being a producer is not inherently better than being an explorer, it all comes down to intrinsic value per share.
If we somehow hit a 6m@100g/t epithermal vein or 100m+@2-4g/t in an intrusion related gold system, you can bet I'll vote no to the acquisition as it would massively dilute my holding of that discovery and therefore, the value of my shares.
Ann: Material Gold Acquisition, page-91
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