i think the key thing here is Karara has debt and GBG does not...

i think the key thing here is Karara has debt and GBG does not have debt.
GBG doe not want to go into to debt to finance Karara. If Karara needs more money. it is easier long term to exchange shares to another Karara holder (Ansteel) in exchange for them going into more debt to give money to Karara. Therebye GBG remains DEBT free. No loans over our heads which is why they can say Debt free. GBG has shares in Karara and we have shares in GBG.
GBG is in an awesome position. Realistically Karara will go cash positive and be out in front and if GBG can hang on to 30% or more then we will be laughing to the bank long term.
This Karara Board seem to be more conservative on time frames for completion to cash flow positive which if they wanted to they could go now at 65%IO. but 68% is the target and im holding.
You could say im being a fluffer but hey, we seem to have the information to make the right choice. The Mine/Plant is more or less complete and can run at full speed if they wanted to(just not 68%) even at 65% they would be rolling in money but may as well do it right.

Power - Done
Mine - Done
Rail - Done
Port - Done
Plant - Done
Filtering - needs tweaking
IO - Selling

Apart from getting the filtering sorted so we dont lose 68% IO out the back end when they run at full speed everything is good.

naturally if you can dyor ratjer than rely on my opinions thats the way to go. I am happy to hold and see how the next couple of quarters pans out.