Honestly I am not sure where you are getting your figures from for RMS. Look at the history of quarterlies and some of the latest presentations you will see Edna May is set until late 2019 on stockpiles alone, with underground development to follow. (see latest presentations) Reserves are up significantly on Edna May. It is not the optimum situation for the plant but it works and generates cash. Mt Magnet is doing fine and has a history of replenishing reserves and brings in a lot of cash also.
RMS cashflow has been consistent for years, in fact that is the reason I first invested in RMS 2013 and 14. Forecast free cashflow (after investment activities) $50M 2019 and $100M in 2020.
I got RMS at 5c so I understand your desire for a multi bagger, it is what every investor in a small gold miner looks for, but very few find. You need to either get out when the price spikes on initial discovery, or take it during the production ramp up. I don't think you get that sort of price action when a mine is under development and funding deals. I got into ALK at this stage and it just drifted down, so I got out when it became apparent that funding was a big hurdle. You could also consider to other miners I invested in, NST and EVN which I picked because they were on the path of careful acquisitions. They have not gone up 10x like RMS has but they have tripled in value which is still a good haul. RMS has a long way to go until that level but they are on that path now they have secure cash flow and a steady hand at the helm.
I think that as holders in RMS over the next 2 years you will not be disappointed, with a good chance of getting a multi bagger if gold keeps to trend. Given RMS has the mill in place and cash to quick start mining, do you think any other potential partner would see as much value in EXU? The more I look at ALK they offer you a lower price, no mill and the cash would be less than EXU holders share of RMS cash. Is is only the idea that you can then develop a multi bagger mine on your own in 2-3 years... It is indeed beautiful when it happens but 90% of the time it does not or the financing does not benefit shareholders at the time, but those who come in later. With RMS synergy you get a favourable average of both scenarios.
Anyhow I am not here to convince you on the acquisition, the power of hot copper is significantly over rated in that respect! I just saw that comments here were treating RMS like a dog on 3 legs. RMS is a gold mining success story if you look over their last 3-4 years of reports you will see they are generating significant cash profit for the foreseeable future even without EXU. Management is a steady and well respected hand who have delivered on almost every guidance and deal they have made. Even if you do not take up the offer you may be interested in holding RMS while they are currently bogged by this offer.
Finally if you do not have the time to read all the company annual or quarterly reports, you can get a summary and forecast for the next 2 years here from Hartleys. Not as reliable as doing your own figures from the reports but it does quickly put all the historical and future forecasts in summary.
