Reality is GBG does not have cash to do the fix for stage one...

Reality is GBG does not have cash to do the fix for stage one let alone stage two. Will lose more equity to get to stage one - and more still to get to stage 2.
And remember what nameplate means to GBG - by the time we get to stage 1, possibly 33%, by stage 2 possible 25% - could both be 5% lower.

MGX is not going to take over a mine/plant that does not work and requires significant money to get there.

Just finding an exit point!!!