"That's fine, company's can trade high for some time. The...

"That's fine, company's can trade high for some time. The problem is with LMLND, that you can't easily get out if things start falling - as you won't realise the potential increase in the merged entity until it actually happens( minimum 1 month away and possible several months if QGL extend their offer further), so the only other way out is to sell LMLND itself - which may fall if LML falls."
Not sure that I quite follow your thinking here.
As it stands QGL's offer is way below the market price.
Their bid was opportunistic when the company was suspended.
Any serious takeover bid must now include LMLND as well to be successful
Looking at the substantial shareholder notice yesterday, the smartest thing QGL could do is to let the offer expire before too many people want their shares back. At least QGL would have some shares at a bargain price.
I can see no financial sense as to why QGL would extend or raise the offer. Extending the offer would affect QGL in a negative way, as more people will want their shares back to sell at a better price during the offer period.

As discussed the current market cap is around $50M
but LMLND at 2.4c gives you a Market Cap of $33M post conversion.

Assuming the market cap stays the same, post offer expiry LMLDA would experience a 50% gain.
Not bad for a months work.
I suspect that the imminent release of the updated mine feasibility study will very likely help underpin the $50M market cap as the two scrips merge.

As for the ability to exit LMLDA, it has been a less liquid, and I am sure there are a number of shareholders that participated in the cap raise at 0.6c that are keen to lock in some profit. I think the fundamentals of LMLDA, the re-rating to occur post offer expiry, and the release of the mine feasibility study will create enough volume to allow those to exit if they wish to do so.