I'm in camp 1 and 3.
I think Equinox's issus have been driven by a few things, including capital costs at Greenstone which were predominantly impacted by COVID (availability of goods/people, goods inflation, decrease in labour productivity etc). Equinox were also probably over levered to start - trying to minimise dilution, which is how someone like Ross still holds 8%. Price paid was fair (it was also scrip). Finally, also had some operational issues at some of the original crappy assets in Brazil.
I think too early for them to tell on point 2 - if they did exercise, they would be doubling down on these known unknown risks with a heavily levered balance sheet which I don't think is smart unless they pay majority with equity raise. However, they are best placed to manage these risks.
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