FFX NPV Calculation - Morila Alone, page-124

You'd still own the assets (alongside SFR's other ones) - and would see appreciation in the SP of SFR as they came online - which is what I'd like about that kind of offer. SFR would be far more easily able to finance Goulamina with earnings and debt - no further dilution.

If the scrip offer was for $500 mill equiv (circa 55 cents per share FFX) at SFR's SP today of $6.17 - and the SFR SP goes to say $9 by late 2022 as Morilla kicked in, well then that's looking more like value if you hold.
You'd have to look at SFR's assets, not just ours and make a judgement on whether you saw the SP going up with them combined. I haven't looked into their USA assets at all.
It would certainly be interesting.
Not sure you could expect a higher offer than a bit over double the current SP. Though it may bring out other suitors over the top of it. (It never did for MOD's copper assets - though they were far less certain in nature).

Anyways just one possibility amongst many really. You don't have to vote yes in the imaginary shareholder meeting.