They have 1.5 million oz in inferred resources not measured or indicated. Cannot convert inferred resources to reserves. Hence they need to spend a lot of money infill drilling. BGL has a market cap of almost 350 million with no reserves.
Any merger EAR shareholders would get a 110/460 of the new company.
Better off going alone.
Cheapest devolping gold play on ASX, page-61
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