I think there are a couple of points here:1) Gold Road would not...

I think there are a couple of points here:

1) Gold Road would not be managing it. Orion owns 40% and the other 60% is owned by Equinox Gold, who are the managers. Equinox Gold is chaired by Ross Beaty (who owns 8%) - one of those people that Rick Rule says is a proven manager and has made his money in Canada where this operation is.

2) The Australian operated companies all tried to introduce mining practices for underground to increase productivity (aside from SBM). These all largely failed for various reasons - didn't want to change, inability to get sufficient technical resources in to faciliate to change (visa restrictions etc) and geology not as good as predicted. However, this is an open pit which looks remarkably similar to Gruyere so looks technically a lot simpler than others.

The right question to ask is why isn't Equinox exercising their right of first refusal or why won't it. Equinox are currently heavily leavered, with funding construction of Greenstone (which is now in the home stretch - H1 2024 gold pour). Like all projects Greenstone had some large costs increases. Ramp-up risks still remains for mining and processing (in addition to mineral resource reconciliation). Likely all comes down to price paid.

Agree with sentiments around Gold Road's Chair. Price (and deal structure) needs to be right and reflect minority interest ownership and remaining risk before this project is fully operational. I'm on hold until I see this, otherwise I would be a buy.

Finally, if they get this, probably makes an easier play for DEG (increased market cap). If it all came together, there would be good exposure to three significant open pit operations in Tier One jurisdictions.