"Unfair merger", on what basis? There is a massive gulf between...

"Unfair merger", on what basis? There is a massive gulf between potential and reality. The key is in the execution. MXR management have tacitly admitted that bringing the project to fruition is a bridge too far, for whatever reason.
It's like the old joke. A child asks his father, "Dad, what's the difference between potential and reality?" His father replies, "well son, ask your mum and your sister if they'd sleep with Brad Pitt for a million dollars".
The boy does so and reports back, that both mum and sister would willingly (and with much gusto), indeed have sex with Brad Pitt for a million dollars.
Dad says, "Well son, there's your answer. Potentially, we're millionaires. In reality, we're still broke, and your mum and your sister are whores".

Execution is what's it's all about. Let's merge and let's get this done, just as the gold bull market is taking off.