I see the outcome as disappointing for both EXU and RMS...

I see the outcome as disappointing for both EXU and RMS shareholders. A merger offered significant benefits to EXU - cash (and an established plant) to develop Tampia, access to cash for further aggressive exploration drilling, RMS operational and development knowhow etc. It also offered RMS benefits - a potential source of feedstock for Eda May and exploration upside. Without the RMS merger, things are now going to be much tougher and slower for EXU - they will need to find alternative funding sources in addition to the ALK placement to keep progressing, funding for aggressive exploration is likely to be constrained, significant dilution is likely etc. The downside for RMS IMO is not as severe however they have lost a high grade ore source for Edna May and the exploration upside offered by EXU.