Any merit in this?, page-4

AUT have 2.2Moz resource and expect a healthy update to this in the coming months. ADV have no resource (that I could see in my quick look) but they have $18M cash.

If you’re proposing a merger, why would AUT SH vote to give up half or third of our resource and ground for $18M cash? As far as the market is concerned, ADV have some decent hits but have a long and expensive journey ahead of them to prove up a comparable resource to AUT.

It’s a poor proposal IMO. ADV would be best served by investing that cash into drilling the heck out their ground. Or if they really wanted a piece of the AUT pie, they could buy equity on market or participate in the next raise. Any other offer wouldn’t be palatable to AUT SH.