What AAG provides to WGR is $15 million cash, potentially $6-8...

What AAG provides to WGR is $15 million cash, potentially $6-8 million in RUM shares, and a +$130 million market cap company for internal and external fund raising.

I wouldn't expect the merged entity to develop both Rover and CMGP simultaneously, but to fast track Rover 1 which, I understand, is lower capital cost, higher returns than CMGP. The revenues from Rover would then support capital funding for CMGP as a staged development.

Currently, WGR is sitting on around $6 million cash but has the more attractive and advanced project. AAG can bring to the table around $20 million in cash and RUM shares and suddenly you have a big chunk of mine development costs of one project covered.

I just can't see other players counter offering for AAG - certainly none have emerged to date despite months of speculation. It would seem that all of them are focused on developing their own projects, generating cashflows and/or securing funding to get their first project off the ground.

Raising $60 million in funding to acquire AAG as a potential future project would not be high on many of these companies' agendas I suspect - even if they can jump through the MLX/WGR ownership hurdles.

So we are really left with MLX and WGR, who have been in the register since year dot.

As someone who originally bought AAG in the low 20s, in the expectation of Fulcrim, only to see it plunge to 13 cents, I can share folks' frustration. Especially when my choice at the time was buying Lynas!

But AAG is not a DRM or RMS in its ability to pump out 60 grams/tonne exploration results to get the market jumping.

So what you are left is a potentially very profitable project, but with a 2-3 year development timeframe requiring not insignificant capital development costs.

I believe A WGR-AAG merger would fast-track first gold pour and market revaluation - but it will be Rover 1 that will be first cab off the rank.