I did consider that but I doubt they'd sell their mine just to...

I did consider that but I doubt they'd sell their mine just to fund a small acquisition. EVN's MO is to issue scrip or take on new debt - not sell assets.

I did also consider another far out scenario. They give us Pajingo in return for our TC holdings. They would give us a producing mine (albeit a relatively high cost mine - AISC of $1250/oz) and they get the whole TC region and a mill.

The benefit to us would be that we'd instantly become a producer (back of envelope calcs show FCF of ~$15m p/a based on 50kozpa). That meas we'd have money pouring in and would allow the development of our NSW tenements.

The deal would value TC at between $60m-$70m (the estimated value of Pajingo). It kind of makes sense to me.

The effect on ERM would be a instant re-rate to over $100m as we'd have earnings of at least $10mp/a.

Like I said, very far out but its nice to think about these things.