$2.10 would be rather amazing IMO, given the current environment...

$2.10 would be rather amazing IMO, given the current environment for small cap miners. But you are right about the limits of the resource size loki. Why would MML want it given they have more than 10M oz worth of targets on their own ground. Even CGA Masbate is looking at a 10M oz resource and they had the "For Sale" sign out for eons and ended up with an ordinary deal. Oceana couldn't give Didipio away and ended up being forced to develop it themselves or lose it. IRN had the "For Sale" sign on Tampakan for years and ended up out of luck and raised a heap of capital just to stay in the JV.

Obviously each project is unique, but the over-riding theme is that the Philippines is not a haven for M/A. So I see Tokyo's thoughts of a takeover as highly plausible because there is a management void which desperately needs mining experience. I envisage something like another junior with an all scrip offer, someone who can develop a good relationship with a mining contractor as more likely.

All just speculation and all just my opinion.