General Discussion, page-189

Indeed, the share price of FFX should rise as LLL rises.

If the market cap of FFX ever falls below 20% of LLL though, sophisticated investors will take advantage of the arbitrage opportunity and sell LLL to buy FFX, bringing the price back into line.

True, you will always have some retail investors who don't understand this and will think;

"Gee, I'd rather pay $1 for 1 slice of LLL instead of 20c for a 20% slice of LLL (plus some free gold) - because I don't want my money to be used to acquire free gold and I'm prepared to pay a premium to ensure I don't get any free gold".

Obviously the link will be broken if FFX ever sells its stake but I think they are held in escrow for a period of time and even after that, why would they sell shares that are paying them a healthy dividend. They would have to pay a huge amount of capital gains tax. If they really needed cash (unlikely given how much cash they will be generating from next year onward) then they would be better off borrowing it and using FFX shares as collateral.