I don't mind contrarian viewpoints. I suppose to my way of...

I don't mind contrarian viewpoints. I suppose to my way of thinking, things are more nuanced than people like to rationalise. Starkness gives comfort for some reason. In the company's context, it's easy to say this is no good, that's bad and the whole thing's a dud. This is where the board will find/believe they've found value. It's no different to buying an old car and restoring it, or seeing a mismatch in price for a company listed on the ASX (the old price/value line of Warren Buffett).

Who in their right mind would want to pay for a private company with a little indicate resource; is currently defending 3 court actions; and has approximately 50 owners? To reason, only those who, know that the private company has large tenement holdings in tier 1 WA (notwithstanding the plaints); has great capacity to grow its resources with decent grades (currently 2.5g/t); can withstand adverse court judgments in the 3 proceedings; can utilise the company for franking credit purposes; and if necessary buy neighbouring tenements or a mill because they have the cash or loan facility available to them.

I tend to to lean towards a broader strategy like @binwood suggests. I'm not certain that the directors want to build a further mill in Australia on Bullseye's current land, but that is pure speculation. Drilling like demons and putting any ore through a refurbed mill would be the easiest option. The best thing is that EMR is printing cash which allows for optionality. The directors also know of the grand strategy. I 'm not phased about whatever way that pans out.

As to the price paid-
(from the Bullseye website)
"8 September 2021: The Board of Bullseye Mining Limited (‘Bullseye’ or ‘the Company’) is delighted to announce the momentous milestone of pouring Bullseye’s maiden Gold Bar from the Bungarra Gold Mine, located within the Company’s flagship North Laverton Gold Project.The maiden doré Gold Bar was stamped ‘BUN 001’ (representing the first Gold bar from Bungarra!) and weighed in at an impressive 20.941 kilograms or 673 ounces (unrefined). The maiden doré Gold Bar and further doré Gold from Bungarra will be transported to the Perth Mint for sale and refining.Several more Gold pours are scheduled over the coming week at the Wiluna Gold Processing Centre, which will then complete the first toll processing campaign from the Bungarra Gold Mine.Stage 2 mining is continuing at the Bungarra Gold Mine, with further haulage of ore to the Wiluna Gold Processing Centre ongoing and a second Gold campaign is programmed to be processed in November 2021. Progressive further Bungarra processing campaigns are planned for 2022.

"Stages 1 and 2 from the Bungarra Gold Mine are expected to generate approximately 17,000 ounces of Gold, with gross revenue of circa A$40million (at a A$2,400 gold price)." The current gold price is around $2,500oz. It's not clear how much they have produced to date, but EMR is buying a small producer with large land holdings.

"The Bullseye/Blue Cap processing team, along with the Wiluna process plant operators, are to be commended for their quick grasp and understanding of the Bungarra ore, achieving exceptional daily Gold recoveries, averaging 92.4% and up to 96% (at the time of writing this update)."

You would have to be staunch not to accept the EMR offer in my view! To put it simply from a retail investor's perspective, EMR is buying that ugly word, potential! Who knows how the board have truly calculated the value of Bullseye?

From the 7 December 2021 Sprott note, "On that basis, one could thumb-suck ~500koz of drill-derisked ounces already. Pro-rating that to 300m could thus take this to 1.5Moz, which we think may take only 100-130,000m for a 1Moz reserve. A 3Mtpa CIL at 1.5g/t would support 130koz pa at grades well over the 0.8-1.0g/t local peers consider economic, exemplified by the A$424m that peer Capricorn’s market cap has grown since acquiring a past-mined 2.1Moz @ 0.8g/t for A$40m." They think all you need is to get a few drilling rigs out to build a reserve!

GLTAH