I'm in camp 1 and 3. I think Equinox's issus have been driven by...

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.