Ann: Commencing Preliminary Discussions, page-34

Unlikely that HMX will “implode and allow CNB to cherry pick the pieces”.

I’d say that both companies have a lot to gain by a merger, if CNB plan on releasing their scoping study for Mt Hope this quarter as planned, I imagine that the cost savings of having HMX’s tenure would be in the hundreds of millions from a mine perspective. I disagree with GeoFiji on his point, I think an open cut mine would be far more likely than going underground.

As for fair ratio for a merger it’s hard to know, as both companies I feel are below fair value. But a 6-8:1 wouldn’t be unreasonable.

Hopefully corporate egos don’t get in the way of commonsense, as a combined entity will be worth more than the sum of its parts.