Ann: Investor Presentation - Resource Rising Stars Summer Series, page-12

Would have to be a script offer as it would be too much funds to raise.

So HRN shareholders would get a share for every x amount of shares they hold in HRN. So if GML has a market cap of $100 million in the future and HRN has a market cap of $50 million.

HRN holders would have around 1/3 of the newly merged company.

Possibly would have to give them a small premium unless there is enough synergy there to justify that its a beneficial deal for both shareholders and there just might be as the close proximity and joint resource would provide better and quicker options to production and offer funding advantages.

Biggest obstacle would be the single holding of ZER who have 69% of HRN and convincing them.

I see a share consolidation happening after a merger (if it happens) rather than before but some might prefer the other way around.

Either way, primary focus of GML should be to raise the marker cap as quickly as possible and I believe the constant flow of drilling results and the planned increase to the resource will do that.