I think it's probably the right deal for this market. The lack...

I think it's probably the right deal for this market. The lack of premium is a little disappointing as I think SAR still had more valuation growth within, whereas NST is fully valued and probably over valued on a lot of metrics.

In general the gold sector needs more consolidation relative to its size. This deal genuinely makes sense at an operational level not just with the Super pit but also with some of the potential cross over of deposits and ability more efficiently process the ore (ie pulling forward the expansion of Thunderbox to process some of the old Echo deposits).

I expect the market will like this deal.