Excellent reply. Glad to see someone can run the numbers. At the end of the day RML shareholders have a smaller piece of a bigger pie and by my calculations have a 64% increase in their overall attributable resource.
Instead of 40% of the Philippine deposits, which you correctly identify. (i.e. a share equating to 132,491 tons equivalent Ni). They now have a 27% share of 866,917 from EN (less of course the 331,228 from the Philippines) giving EN side 535,689 plus 80% (accounting for EN's share) of the Philippine RML side (or 264,982). Thats works out to a total of 800,671 tons which at 27% equates to 216,981 tons. This compares to RML equivalent of 132,491 tons before the merger. Work that out, its a 64% increase to RML shareholders for no added cost!!!!!! Now wouldn't you be a buyer of that.
This of course is purely calculationable (my new word for the day) and disregards the obvious benefits of a merged entity and of course the inevitable valuation comparisons that now should be made to bigger Ni players (check out the market cap of Talavierra or Mirabella).
To be honest ive lost money on my RML position in the past (thinking back to the expiration of options a few years back), BUT i gotta say I LOVE THIS DEAL.
