Ann: Unmarketable Parcel Share Sale Facility, page-58

Yep but growth in margins is even more important than sheer scale especially in a rising POG environment as the rising price goes straight to FCF. Say BGL goes for them, yes they can call themselves a large scale producer but what cost reduction did you unlock? In my view it's about profitable ounces across the base of what you produce and WGX/SLR/RMS would unlock synergies through reasons aforementioned.

Secondly it tempers the risk should gold prices actually not rally. I understand this is sacriledge given we are all gold bulls (lol) although for whatever reasons should things not eventuate the way we want them at least bare minimum the aquirer is able to make the case they have reduced costs (somewhere) and are protecting from downside risk.