Is the Stream Worth More Than the Equity?

The original mission was to make that thing 200 million ounces or 250 million ounces. The mission changed over time to putting the thing into production with as little dilution as possible. I've seen that work exactly three times in my career. When you had the mission drift from finding out what you had to trying to put it in production, I exited. After I exited, I have no idea what happened to management expense. It's interesting when you look at the assignment of value across that capital stack,. how much value was in the stream rather than the equity.

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