You are talking about operational risk which of course is there....

You are talking about operational risk which of course is there. I was referring to risk from an investors perspective. Nobody knows the true value of Troy, nobody knows how much gold is there, we have to make a guess and avoid overpaying. While there still is the operational risk it seems the worst case (=LOM not prolonged) is already justifying the current share price. So from an investors perspective there is no risk of overpaying.

And to be honest about operational risk, if you have 18 months LOM you have 1/10th the operational risk compared to a 15 year LOM.