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Taboon,
You may actually be correct.
But I would suggest you should think about it like this:
Upside: there is process on regional infrastructure either in **on (Belinga in the doorstep of Badondo) or Congo or Cameroon (either by Sundance or more likely by whoever ends up owner of Mbalm). In this case EQX may see value in investment in drilling etc. While not a first mover EQX will be able to assess the likey return for shareholders by making further investments. The iron ore world may even change and value may return to companies holding large potential resources. In this case EQX's position of no debt and strong balance sheet would give shareholders maximum value leverage. I can envisage a scenario in this situation where EQX is again $3 or $4. As you point out there may be a challenge for EQX to hold onto the tenement but from any observation of their track record management seem to be doing a good job and Welborn has strong African government relationships and so I am confident they will hold it in good standing as they have done to date.
Downside: there is no regional infrastructure development and the iron ore macro position does not change and so the market ascribes little if any value to companies holding tenure with potential iron ore deposits. In this scenario (the most likely IMO) EQX is protected by strong cash balance and a floor under the share price of around 25c. Following the skilled management at EQX I would expect they are already looking for new assets in new locations or commodities which will add share holder value.
Either way a comparison with the strategy and position of SDL is instructive.
Can you provide an upside case for SDL that sees value for current shareholders? I can not.
The downside is obvious: insolvency and total write off.
I understand you have a different view and that is why you hold and follow SDL in preference to a company like EQX.
Let's wait and see what happens from here.
Good luck!
J9