It will be interesting to hear what Crescat has to say about...

It will be interesting to hear what Crescat has to say about this merger proposal in their next video presentation. They joined the AUL share register in September last year with an approximate 4% stake, they already had a stake in WRM at the time. There is a supportive clue in the statement below from QH.

White Rock technical advisor Dr Quinton Hennigh said: “As the acquisition is not expected to significantly impact White Rock's current exploration momentum in Alaska, it gives White Rock shareholders exposure to a potentially high-value year-round exploration asset in one of the most prolific gold belts on earth.

“Along with this comes the element of production at Morning Star which White Rock plans to ramp up to underpin White Rock's cash flow going forward.

“Such an acquisition opportunity comes along rarely and is expected to help White Rock build a solid foundation upon which to grow.”

I suspect there is more to the underlying economic's of this arrangement than currently meets the eye. It's just not obvious to us ordinary shareholders at the moment from the information publicly available. WRM would have had a due diligence team in the data room having access to confidential information not known to us. I doubt Crescat would be supportive of the deal if it was in any way questionable or seen to be having a detrimental impact on the main game in Alaska. If that is right and I think it is, then I'll take some comfort that this is a positive for WRM.

Just need Matt Gill to convince us of the benefits with a more compelling Q&A style presentation. We need to be convinced that this deal will not be a negative drain on our capital reserves set aside for Last Chance drilling. I think until that happens the market will continue to have doubts and will be reflected in the share price.

My opinion only.