You make some excellent points.
It does not appear that mining, in itself, is as much a significant part of Dr Frost's career focus as biotech. He seems more just a savvy investor who has a way of seeing opportunities like a chess master sees several moves ahead.
OPKO is hardly a stagnant entity- up 68% in the last quarter. If Pershing is indeed part of a rollover campaign bringing precious metals in to a mix, even temporarily, to stabilize or add momentum, it further confirms an innate value in PGLC that makes it a solid piece on the chessboard. Frost/Honig have obviously a lot of options to chose from. They do not strike me as the types to move into un-vetted territory on a whim.
I may be very naive, but I don't see an obvious downside if PGLC continues to stay on track with its drilling and extraction agenda.