the synergies between them are huge - BLK have a heap of gold close to surface whereas axm have the processing facility.
your right though BLK have a massive coal projects also.
I can't see why panoramic would want axm - axm's gold is way to deep to make money and panoramic Gidgee Gold Project has a mill & associated infrastructure.
it would be in Panoramic's best interest to buy them both, but they would have to pay a lot of money to get that.