I believe that posters have focused on the wrong aspect of this...

I believe that posters have focused on the wrong aspect of this merger, analogous of people talking about a $2M property sale in Sydney that has a decrepit small shed on the block, with previous owners who couldn't unlock the value of the land.

Sure you can say, "why the hell would someone buy a shed for $2M" while neglecting the tier 1 suburb it resides in. Or say "why the hell would someone buy a mine that has had repeated operational issues", and neglect a tier 1 land package in a highly prestigious, unexplored by modern techniques gold field.

Its selective bias, given history of AUL holders and the management focus on the shed before the land, they focus on the shed as the primary asset.

Given fresh minded Quinton Hennigh, he focuses on the countercyclical exploration in the land package as the primary asset, before the secondary asset shed, as thats where he can unlock the highest value as an advisor.

The asset is seen differently between you and WRM.