now back to a multiyear precious metal bull market, then what?

Nothing, except greater frustration for us being held over a barrel.  Ernesto will wait for higher concensus pricing which will require a couple of years for the higher prices to be included in the 3-yr average calc, all the while M&A activity will have already long heated-up and then fizzled-out well before prices peak in 3 years when Majors will likely, at the then top of the market, act extremely cautiously about making acquisitions at peak prices or commiting to long-build projects for fear of missing the cycle by the time production starts.

And therefore we miss out again on monetizing a great project before the bust of yet another super-cycle that looks to be on our door step.

Its what I have been saying for years.  We are stuck in the mother of all value traps.