Hi Roy, HRN has 850k Au oz's of free milling ore so their...

Hi Roy, HRN has 850k Au oz's of free milling ore so their MC of 45m is still cheap even fully discounting their refractory reserves. Don't be too worried about refractory ore at current gold prices still very profitable.

You may not be aware but HRN has just had an independent review of the their tenements which has come up with 48 highly prospective targets including both extension of existing deposits and greenfield opportunities.

I have been making the same arguments as Sarge in recent months that given the mineralised zones cross both GML and HRNs tenement boundaries if you look at the Gum Creek/Gidgee area as one region the combined resources are likely to be well in excess of 3m AU ozs by the end of 2021, with strong prospects for far more in time.

Combining the two entities would then unlock value far more expeditiously for both sets of SH's as Sarge has pointed out.

All the best