Risk is relevant to the question: what would be gained by a...

Risk is relevant to the question: what would be gained by a merger with RMS? None of those risks would be reduced by a merger.. they would take down the merged company just as much. There might be a case that a more diverse operation protects against some specific risk, such as a major collapse or mill shut-down, but then you are also taking on the risk of such events at RMS operations, i.e. adding more things to go wrong.

If I want to balance SPR risk with RMS risk I can just buy RMS. Don't want it imposed on me, but my guess is the board and major shareholders wouldn't be interested either.

SPR doesn't need cash, and it is so viable they can start mining development without needing a DFS ... the DFS is just about how big the profits will be, not whether it will be economic. SPR doesn't need expertise ... this is not a "time for adults to take charge" scenario. If there are some good staff at RMS make them an offer .

I thought it was notable watching the presentation, and then re-watching the recording, that there was no hint that the company is angling for a takeover ... SPR has reached a point where SPR has no problems that a TO would solve. As others have said, all it would do is dilute the upside.

I have to give credit to the team for their relentless promotion. Some of it wasn't to my taste as a HC know-all, but it has been effective ... no one can say the MC doesn't reflect the underlying value and management need to try harder to get the story out. The MC is what enabled a raise which not only covers development and a contingency store of high grade ore on the ROM pads, it also includes a substantial exploration budget. My only concern about pushing production out a bit had been that watching the SP go into a Lassonde dip would be a bit of a downer ... not important really, since cap raises are done with and my plan is to stay until production, but a big exploration budget removes that concern. I think there is enough exploration funding and potential to avoid a Lassonde dip. Going for successful exploration while developing quietly in the background has worked so far. I am happy to take a bet on some more discoveries to keep the MC aloft until they announce (a) the DFS shows impressive margins and (b) while all the exploration has been going on the mine has been built and the plant upgraded and there will be virtually no delay to starting production.