March 15, 2021 - The Gold Advisor

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GT Gold Gets Bought

Newmont has offered to buy GT Gold (TSXV: GTT) in a cash deal valued at $456 million. The price represents a 38% premium to GTT’s volume-weighted average share price in the preceding 20 days.

More importantly: the deal shows a mining sector working the way we, as investors, want it to work.

Junior companies are supposed to explore, make discoveries, expand those discoveries, wrap initial economics around deposits to show that they work, and all the while foster strong relations with all stakeholders so that the project has support.

Major miners engineer, build, and operate mines. They do some exploration but not a lot, and what they do is specialized: they take on the kinds of exploration that are too expensive for a junior to do, such as figuring out a new, district-scale area or drilling deep targets where each hole costs a million dollars.

As for the period in between defining a great new discovery and building a mine – that can end up with a junior or a major. It’s the not fun part, though, as the Lassonde Curve lays out.

The ‘Orphan period’, as this version of the Lassonde curve from Visual Capitalist calls it, is

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