You make some fantastic points Danny.I have always viewed SPR...

You make some fantastic points Danny.

I have always viewed SPR risk profile favourably. Near brand new mill and supporting infrastructure plus high grade deposits equals more margin for error.
That all being said there are always teething problems when taking a newly defined deposit into production.
Equipment/engineering availability, time delays, staffing, block model adjustments, black swan events (covid), catastrophic equipment failure, weather events etc etc.

A multi mine company experiences all the same risks, but the larger company will always be advantaged by having geographical/asset diversification.
The more money involved in a project (FFR 50m, SPR 2b) the more risk becomes a consideration. Think of it like a game of snake and ladders, the higher up the board we go the further we can potentially fall.
Being part of a larger entity simply creates a larger safety net to stop us from falling as far.

The other point I will make is do not discount the effect leverage and compounding will have on this combined entity.
The larger the entity, the greater the leverage. The quicker we start making cash the greater the compounding effect will be.
For example, a larger entity has access to a much larger pool of cash. This cash can be rapidly deployed to grow other cash generative assets.
The quicker those cash generative assets can pump out cash, the bigger that cash snowball pile gets.
And the cycle repeats...

Compounding
SPR joining with RMS gives us a big compounding head start, we'll have access to our cash generative assets sooner and we will own a share of an already market leading cash generative asset (Mt Magnet, Penny and Cue).

Leverage
SPR joining with RMS gives us favourable financing options and access to a much larger pile of cash to pump into cash generative assets (organic or non-organic).

SL knows that NST is the product of compounding and leverage.

All IMO of course, I'm not focusing on the takeover premium as I see the re-rate coming much sooner being part of a much larger merged co.