I bought Marathon as a million-ounce gold project with multi-million-ounce potential, which made it a possible takeover candidate. I was right on both counts, but the big gains on the way to five million ounces evaporated as the company went into the "boring engineering phase" and then encountered permitting delays and cost overruns in the pre-production sweet spot (PPSS). So, by the time the takeover offer came, share prices were well below my entry point. I won't say "luckily" as it was standard procedure for me, not luck, that I took profits via my Upside Maximizer strategy while the stock was still riding high. This enabled me to close my position at a modest gain, rather than a loss.

Why sell at all, as the buyer is a profitable producer? It is, but it has considerable political risk I'm not keen on, so I'm taking my win and moving on.

Note: As I took profits earlier, the exit price is a weighted average of my exit prices, not the specific price of my final sale.