Hmmm. While this makes a lot of sense operationally, a quick...

Hmmm. While this makes a lot of sense operationally, a quick look at the pro-forma metrics makes interesting reading...





Effectively, SAR are contributing 44% of gold reserves and 35% of resources. SAR's FY21 production is 38% of the pro-forma (mid-point; and we know that SAR under-promises / over-delivers on guidance). SAR's FY21 AISC is significantly below NST's (which they have blown out in the last few years).

All this does is show that SAR was well under-valued on the market v. NST - i.e. we had much more of a potential for market correction to benefit SAR in the short-term. Given this (perceived value to the acquirer), I'd expect that the market will like it.