Sorry, but I've got to partially disagree.

Since it's the locals and the artisanals who hold the power in any potential accord, PLE is in no position to insist that it will only provide something if it finds a "commercially viable deposit of gold".

Neither of us really knows what's happening on the ground there, but I'll bet that the locals are insisting on some sort of payment up front simply for the right to drill, no matter how successful the drilling outcome. The payment could be anything from cash, to new schools, community centres, health care facilities and perhaps future jobs. However the only thing of value that Guy has to offer at the moment are shares in PLE.

Since these same locals are about as trusting of PLE (and foreigners in general) as I am that the Taliban will be bringing the beer and bacon to my next bbq, they'll want to see the shares listed and trading on the Lima bolsa for a little while before they agree to accept them as payment for an accord. Even if they are locked up for 4 months after the accord is signed as you mentioned.

If I'm wrong then I'm wrong, but knowing how the world works down there, I believe my points have some merit.

Cheers,

PW