Thanks for the interesting read. They do have some nice grades there. Capricorn have stated that they are a "WA focused Gold Company" so I doubt that they are interested.
I hold a small parcel of Musgrave MGV shares which are free carried from when they overcooked it and went to 83c. They have a current Mcap of AUD$166.5m and from your link Pilar have an Mcap of AUD$177.5m.
Grades are similar however Musgrave's best grades are very close to surface compared to Sertao and they are in WA.
The other thing is that if we use the Capricorn yardstick to observe the acquisition cost both would likely be too dear. Our last acquisition was @ approx AUD$20 per oz. At that price we would be offering Musgrave just under $20m for their 977k resource. I'm sure it is worth a lot more than that and we would likely pay up to $150m but Capricorn is an extremely cost savvy company and I doubt Musgrave would accept anything under $300m at this point.
Having a swing at Sertao?, page-2
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