Agree with you, the volumes show that fundies are lapping up low...

Agree with you, the volumes show that fundies are lapping up low risk, re-rated, high margin RMS scrip.

I see RMS buying a PNR or OBM rather than SPR.
Both are much cheaper options than SPR, both are closer to generating FCF and both could give RMS a foothold in a brand-new mining district. This could take the heat off needing to rapidly replace ounces to increase mine life at Edna May and both could potentially add extra cashflow to support future development at their Roe/Rebecca project.

CMM, RRL or maybe even BGL (depending on their ramp up) could be coming after SPR.
CMM have Mt Gibson in the Yalgoos, RRL might chose to delay McPhillamy's while inflation is elevated and go after a high margin, closer to production asset with infrastructure already built such as SPR, BGL could use their high value scrip to take control of SPR, once again uniting the ex NST gang Bill Beamont, Darren Stralow and Simon Lawson.

All just my musings, it will be interesting to see which way the cards ultimately fall.