Ann: Silver Lake and Doray Merger Presentation, page-26

That's glaringly obvious - how is it that a company with less reserves and mine life than RED5, significantly less gold production, less potential, and no SIana, has got a market cap almost double RED5? DRM shareholders like many small company investors have an irrational emotional over valuation of their company .... which like SLR, is just not investment grade.
The recent run-up of the DRM SP didn't have anything to do with the background corporate manoeuvres did it ???
 DRM is over priced and underfunded .... now its on the verge of being over funded and part of a perennial market pariah.
But the good news is, the DRM BOD members joining the 'new' SLR BOD, and senior DRM management, will have a more secure & better remuneration .... and the shareholders are getting a free ride on the back of the long suffering SLR shareholders. 
If this is such a good deal, show us the (respected) analysts upgrades (not from the brokers who are backing the deal obviously) .... if they exist .... that might be a tad embarrassing.  If I had seen this deal coming I would have changed my sentiment to SELL & 'Not Held' !