Gerald Panon's key mistake at Detour was accepting a 'tired vehicle' (Hecla's Detour asset with accumulated institutional inertia and worn shareholder base) rather than creating a fresh IPO company like he did at Detour 2008; he repeated this mistake at Gold Terra by taking a tired 5-year-old company instead of spinning out a new entity, now carrying $330M share count vs. earlier $44M at same valuation.