Agreed.$60 gives roughly a 50 cent target. $100m price tag, RMS...

Agreed.

$60 gives roughly a 50 cent target. $100m price tag, RMS market cap $232m. So looking at 2.25 AAG's for 1 RMS. Only 125m shares extra for RMS shareholders.

Merged entity would have 416m shares on issue. Plus cash and gold on hand of $78m. 5.2m ounce resource plus 474k reserves.

At 80 cents a share market cap would be $333m. Less cash and gold bullion, E/V of circa $255m. E/V an ounce $48.66.

That looks like a good deal to me with plenty of upside in RMS.