yeah, Adina + Galinee would be huge. Big OP + potential for some UG targeting the very high grade zones that both companies are finding near the boundary. It's just quite unlucky for AZM/SOQUEM that their great hits are so deep, and would require Winsome's land to access. This obviously puts whoever owns Adina in the drivers seat.
In general, for noobs here I want to emphasize that the M&A thesis isn't as simple as it was for LRS, i.e. not simply tonnage, capital intensity, opex etc:
There's the aforementioned "cherry on top" of Galinee;
the geostrategic aspect as Korean + Japanese companies' interest as they seek to derisk and diversify away from China/Australia;
the near-new 1bn CAD processing plant and other infrastructure at Renard (potentially a regional hub if Adina operator builds a plant onsite further into LOM);
Quebec's status as one of the least risky, pro-mining jurisdictions in the world (#5 in latest Fraser Institute survey);
the generous deals made by federal and provincial govts to lure downstream players into Canada;
and the likelihood of significant grants, loans and/or tax credits for mining and processing (which I assume will be further explored and quantified in the upcoming PEA, and hopefully here by @Helios11 who seems to have the best grasp of this stuff.)
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