Sorry if my comments may have been misinterpreted, I merely ignored the gold credits in my example of the Eva mineral resource because the gold grades at most of the Eva deposits are very low Au so its essentially a copper mine. I was not suggesting that we should ignore the gold credits at Jericho at all because they seem to run around 0.3-04g/T Au and that does help the economics of Jericho, no matter where it goes (either into the Eloise mill or trucked somewhere else or treated on site in the future).
I would think that most but not all investors in DRM would be pretty experienced investors (probably resource investor specialists) so most, but not all, will have been in a takeover target situation before, and will be well aware that the 'Final and Best offer sometimes isn't so final or best! In this situation the target (DRM) literally has the orebody of the hunter (A1M) going outside of its mining lease and into adjacent exploration ground held by DRM, as well as that DRM has proven up a small but decent orebody literally on the road into the A1M mine site, to keep A1M Eloise operation going, you couldn't have designed a better and more logical fit of assets if you tried, so the only two cards that A1M have to play are either:
1. improve the offer to a price point or deal that is satisfactory to both parties or
2. try to 'starve out' DRM by closing the Eloise A1M mine down for a few years, but I am suspecting that DRM management will be able to outlast A1M guys as the A1M guys would have to make a workforce redundant (and possibly never see again), an underground mine to maintain and keep ventilated and pumped dry to keep their options open, plus all the care and maintenance costs and bother with the regulators and state government who will be annoying them with audits and requests for re-approvals of enviro permits and all the annoying things the government can do to you with a granted mining lease that you are not mining. Meanwhile DRM can go nice and slow doing their own mining lease application at Jericho and poking a few holes in every year and just keeping the tenements in good standing, approvals don't happen quickly anyway so the clock would be ticking very loudly in the A1M offices and not so much of a concern in the DRM offices.
I'm hoping sanity prevails and Option 1 is the result. It will be interesting to see the % of acceptances and how high or low it is.
Personally in this case it would seem that DRM shareholders are possibly going to get a mix of A1M paper and/or a bit of cash or some combination of that, plus the possibility of spinning off the non-Jericho assets into a 'New DRM Explore Co", and there are worse things to be invested in than A1M with the Eloise mill and the Jericho ore available to it, and if people really have strong feelings about it at least A1M is trading on the ASX so people can get their money out and do something else with it if they wish.
The only time I've been screwed over in a takeover is when a ASX company gets taken over by an overseas domiciled company listed elsewhere, and you are left with a small useless parcel that you cannot deal with and they send you dividend cheques in USD or CDN$ that cost more in bank fees to bank than what the dividends are worth.
