I hear exactly what you are saying, the only reason why I am prepared to cut SDL a bit more slack in regards to Hanlong, is because it has obviously been difficult for them to secure project finance without having the permits. So they needed to jump in bed with Hanlong in order to secure the permits.
If we end up having to take Hanlong's 57c, I will be disappointed, however I would like to think that GJ is a bit smarter than that, and has a strategy in place to extract more value, or at least to attempt to extract more value.
And this is why I believe, that there will be a resource announcement to co-inside with the window of opportunity for another party to make a bid.
SDL Price at posting:
46.0¢ Sentiment: None Disclosure: Held
