Not a silly question and it is a very relevant question.Lets...

Not a silly question and it is a very relevant question.

Lets look at some facts and assumptions..

This first screen shot is from HRZ/GSR merger presentation.


This next screen shot is RMS shares on issue.


This next screen shot is RMS Resource statement.


Compare shares on issue of the merged entity 1,110,500,000 to RMS 1,142,158,176 similar!
Compare the resource estimate for the merged entity 1,800,000 oz to RMS 7,600,000 oz and the ratio is 19% to 81%.
My blunt pencil calculation does not take into account anything other than gold assets.
Assumption a merge with Ramelius (should they wish) may result in a combined resource of 9,400,000 oz at about 1.5g/t.
Big assumption the market values the merger at $2.40 due to the gold price escalating.
HRZ/GSR per share may be valued at 19% of $2.40 equalling $0.46.
Disclaimer this is just me throwing some assumptions and it is not financial advice but heck who knows this may be on the cards as these boards dont tell us punters anything until they do it.