Corvus Gold is a gold explorer with two nearby projects on opposite sides of the town of Beaty, Nevada. One, North Bullfrog, is a large, low-grade, bulk-tonnage project that's been around for a while. The other, Mother Lode, is a past-producer that yielded something of a surprise, high-for-bulk-grade discovery a few years ago, putting Beaty back on the exploration map. This prompted two larger producers, Anglo and Coeur, to move into the district. Both of Corvus' projects have positive economics (separately or combined), but these are preliminary.

For some time, this stock seemed expensive to me, given the uncertain value proposition. But then Corvus started drilling long intercepts of near-surface (cheaper to mine), oxide (cheaper to process) gold on a thin strip of land if holds between ground controlled by Anglo and Coeur. When this Lynnda Strip target became more than a one-hit-wonder, the writing seemed to me to be on the wall that Corvus would be taken over. So I went long. And when excellent drill results from Lynnda Strip kept coming and the stock got cheaper, I bought more.

The offer came on July 13, 2021. It was from Anglo, for C$4 per share. That seemed pretty generous to me, but I held for a while longer, to see if Coeur might make a higher bid. That hasn't happened and I now think it's unlikely it will (and no one else is likely to step in with a competing bid. Since the offer is for cash, my exit price was not likely to change much, so I've booked the win and moved on.