Ann: Renard Project Update, page-256

Imagine being in a stock, who dont have the peripheral vision that our stewards do.
All the other stocks who dont have a Renard option. They must go the hard yards on capex, finance, and approvals.

Despite the fact that the tide ebs and flows to all credible assets, it is ultimately the lighter of risk weight that on a probability basis, we can surpass the peer paring tide effect.

Roll the dice, and fast forward a few years. And if WR1 are come producer, and others are still wrangling in approvals delays, and roadblocks, our MC may surpass theirs, as we are shown in full kit, and they are shown bare for the illusions they purported.

Its not just about approvals. You also need to get to develop with a tight registry to out perform your peers who manage to get there as well, but retain a high earnings per share. Low capex in tier 1 jurisdiction => good finance terms, and low dilution potentially.