I figured it would be the lower mc.
The negatives you mentioned are what kept me from buying PXG but not just the multiple small deposits and low grades but also that many (but not all) appear to have high waste to ore ratios- not good at those grades.
ABU's Buccaneer looks like a very low waste to ore ratio and I was surprised to see the cross section of Old Pirate appears as though it will have a reasonably low waste to ore as well. It was just one cross section but it was much better than I expected to see.
I am happy to buy into a higher mc stock if the numbers stack up. I prefer a high probabilty of at least doubling my money rather than a lower chance of getting higher returns.
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