Step aside Gus, page-55

I don't disagree, but like I said another 'new' party will struggle to get the traction in coming on market.

It will take collusion by 2 or more parties.

Can it happen absolutely it could.

Most of those take over you talk about would be for the benefit of the take over company, not for an arbritage play but for integration into a business model to bolster reserves etc.

The last one I was involved in was Equinox take over of Citadel. Needed the cornerstone (read CEO) to agree to the price. Was at a premium to the then market - but not as high as it should have been... From memory they had problems getting to the copper because of all the gold in the way (joking)

Will it happen, probability is low, Gus would want to be rewarded for his effort to date via his share holding...wants more than a handshake & a gold watch for his effort here.

...I'd be more concerned if we had a Cameco or A Chinese partner on the books at 20% right now, looking for a cheap entry to bolster their ore reserves for when conditions get better.......Might be why so quiet on the Karoo & Kendrick front (at el) not to draw attention.

If you are talking about Sundance in your example, that is a twisted affair. I exited sub 40c as the writing was on the wall (after missing the high ;(...PEN is now a going concern on its projected cash flow. SDL needs $5B capex in what is a market low for iron ore.
SDL have no capacity to fight, are strapped for cash, looking at losing permits, have no means of raising the funds to get to production & have been played by a Chinese conglomerate whose CEO was executed by the Chinese Government. China still has a hand on the prize.

That would be more akin to comparing an AEE, DYL or any number of others that are trying to transition to a miner from an explorer status & trying to raise capital to do so.

Don't under estimate miner status, we haven't been rerated yet, S2 completion gets us over that hump.