The nickel is a sideshow, the share consolidation is good housekeeping, the nickel IPO a mistake imo but Youanmi is the main game.
Long term the nickel is just a distraction.
Looking at the main game, gold is falling in price and goldies are losing value.
The chart below shows why. As the POG falls the AISC margin (profit) of the majors also falls and there is real concern that companies like Westgold and even Silver Lake and Ramelius are going to see their profits smashed.
Then consider Rox. The company is profitable at any conceivable POG.
IMO it's a mistake to think that the HP buy in has taken a TO off the table.
It just means that RMS (for example) will not be able to scoop Rox cheaply like they did SPX.
Of course, the big gold companies would love to lower their AISCs, RMS's MD Zep is already proclaiming that Penny is one of the lowest AISC
goldies world wide and he would love to have another one.
Maintaining profitability is now a matter of lowering the cost of production.
High grade, shallow, oxide gold resources are very rare these days.
Rox has the best of them with a rapid expansion of the JORC happening right now with Junction, Link and Grace South assays imminent.
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