Jul. 3 at 8:36 PM
$GORO After reading the merger documents more carefully, I found something quite interesting. While the company highlighted that the offer represented a 39% premium to the January 23, 2026 closing price and obtained a fairness opinion from an independent financial advisor, that doesn't necessarily mean it was the highest possible value for shareholders. A fairness opinion simply concludes that the consideration was financially fair based on the information available at the time. What caught my attention is that GORO's own internal financial projections were based on gold prices of around
$4,000/oz in 2026, gradually declining to
$3,000/oz by 2030. In other words, the valuation was already built on a very strong gold price environment rather than conservative assumptions. That suggests the advisors also considered operational costs, development risks, discount rates, and execution uncertainty when assessing the company's value......
