My opinion for what it's worth is 1 + 1 = 3
The word synergy typically gets thrown around during most M&A deals.
In most cases the synergies are only corporate in nature.
In RMS and SPR case synergies are real and vast in number.
Synergy 1Mt Magnet has huge stocks of low-grade stockpiles.
These stockpiles could easily be quickly monetised through the Dalgaranga mill (current Dalga mill config should easily be able to process Mt Magnets free milling stockpiles). At a conservative 2k net profit margin these stockpiles unlock 380 million in FCF.
Synergy 2SPR's Yalgoo group of deposits mostly oxide ounces could potentially bolster Mt Magnets LOM through the leaner years.
Synergy 3Edna May processing staff and salvageable equipment could be transferred to be utilised at Dalgaranga mill restart.
Synergy 4SPR carried forward tax losses would immediately boost Mt Magnet's underlying profit result during an extreme cashflow generation phase.
Those are the four main synergies, I'm sure there are many more...
DYOR
GLTAH
(20min delay)