I will factor in mgmt with a dominant fraction of what all gets placed on the balance. Mgmt has full responsibility for the success or failure of the exploration/mining effort, of the company image and reputation, of the ability to network and venture with others, etc..
With a mgmt that acts drunken on the glitter of gold, rolling the dice all or none, acting like a typical Vegas mark, etc. how is one to see anything temperate, conservative, pragmatic? Sorry, just how I have come to see things.
JMO