"New company, new management, new macro environment, new...

"New company, new management, new macro environment, new technology, new ESG credentials, new fundamentals new approach......"

That is exactly what they want you to think. But when you drill into it: the management has changed, and some of the project approaches have changed, but at the end of the day it's the same old deposit stuck in the same old place, afflicted by the same old macroeconomic factors.

Don't take my word for it though, read through some of the old ASX:ROY announcements from 2012 and 2013. You'll see it for yourself. It's a pretty interesting story to see it all play out again, and a good lesson for cyclical investors not to get caught in the 10-year microcap pumps.