Other than the obvious share price issue, there are a few other things that could seriously make or break this.

A couple scenarios.

One

If the price of gold craters and San Gold can no longer fund or raise money (they need over $200 million over the next 4 years in capex alone), then the mine shuts down and worst case they possibly file for bankruptcy like REA did.

In this scenario, with the recent debenture, the shareholders would be wiped out and even though the debenture is an unsecured obligation, the debt holders would get the assets of the company. Win win Goodman.

Two

Reading the latest over at Jeeses Cafe Americain, Rufdiamond would enjoy this:

“Appear weak when you are strong, and strong when you are weak.”

Sun Tzu, The Art of War

I can't imagine a time when San Gold has ever appeared weaker than now. If your macro view is gold is going higher, then average down while the opportunity is here.

My guess is I'm reading too much in to this and it is what it is.