It seems to me that the discussion entertained an idea without...

It seems to me that the discussion entertained an idea without consideration of the 'corporate risk' involved. They also made the point that MLX 'very rarely waste money', so the Board could be described as conservative by nature.

My view is that acquistions, JV or TO (aggressive or agreed upon) is all about timing because if that isn't right and things don't work out as planned, it will not only be a waste of shareholder funds but extremely damaging to the Board that passed it, especially if it is a TO. Consider this: Corporate mergers and acquisitions take a long time to complete. Usually, at least half a year or longer. Therefore, a lot might happen during that process when the company you are trying to overtake has cash and drill hole programs and targets already in place, let alone the macro tin market dynamics at work which could be a number of OEM players looking for secure supply. So, is this really the right moment for one to jeopardise their reputation?

SRZ is currently going through a re-rate period with two significant projects on the go. Even if Nero and a few other significant holders banded together and decide to sell out, it's going to be difficult to find 'fair value'. However, I'd suggest that like most investors in this space, we've done our due diligence and worked out that Tin is 30 times rarer that copper, stockpiles barely exist, 80% is sourced from basket case jurisdictions and there's been bugger all exploration and investment in new projects over the last twenty years, so therefore, Tin is squeezed like no other metal.

There could be room for multiple players in 100% renewable and high ESG Tassy.

AIMO, DYOR, GLTA(patient)H