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
Your comments and questions exactly echo mine, the only relevant question is why Equinox aren't exercising their first rights of refusal, by your comments are you in the camp that:
1. Equinox simply paid/spent too much for Greenstone, 2. or Equinox would be the best to know and judge about what the technical risks are in the way of how mining and processing performs/or not. 3. or is there some other balance sheet reasons/lack of finance, or pressures that prevent Equinox from taking 100% ownership of the asset?
Cases 1 and 3 are simply being conservative and smart, case 2 implies some booby-traps or problems in the future which only Equinox would know.
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