I've recently seen an article in the West Australian Newspaper covering Diggers & Dealers and Ramelius' takeover of Spectrum Metals / Pennywest mine in WA for circa $228m (in cash and scrip) during the first half of 2020.
Pennywest had a JORC resource of 355,500 ounces and was open at depth, which presented a good opportunity for RMS to do further exploratory drilling - at a glance, this works out to a price of approximately $650 per ounce (at a time when the AUD gold price was circa $2,500). The article has a quote from Ramelius' MD noting that $600 per ounce is likely to become commonplace in WA M&A:
When looking at NXM, we currently have JORC of 162,000 which doesn't account for Templar, Branches, Golden Dyke or updates to Pinnacles / Wallbrook. Based on what we know today, it would seem that a market cap of $97m is reasonable in a takeover scenario (being 162,000 ounces * by $600 per ounce). That's roughly a 45 cent share price and could be higher as gold continues higher in the coming months.
When considering resource upgrades and near term production, this stock is still grossly undervalued. Think everyone in this thread should have sticky hands.
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