I think any possible M&A in the US would have to examine if the resource has or is close to a refining mill. That seems to be a real problem for the smaller US developers, no access to milling capability. No mill, very large increased capex to build one.
Now they could be ballsy and snap up some of the smaller mines in Wyoming/Utah and build a hub and spoke arrangement around a central large mill (single capex, larger feedstock).
similar capex problem for any M&A in Oz away from Honeymoon and ISR v open mining.
Just musing but....
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