the reason the answer's different is because rsg has 2 mines in...

the reason the answer's different is because rsg has 2 mines in reconfiguration with about ~9 months or so before they expect to be operating normally

all planned for and covered by cash on hand - but between now and then its got a fair chance of production disappointments and investrs tend to be allergic to holding such stocks

wheras to a cashed up acquirer that short term negative is nothing - and RSg has both a huge operational + gold resource inventory envelope that would immediately add a lot of value to an operator with a decent size + 300koz (prob +500koz) stable of producing mines to cover any short term operating cost drawdowns

as i said the other day historical avg for successful gold merger offers is 63% last time i saw a number for it

RSG rates about 1/3 to 1/4th the value of other goldies on its post reconfiguration expected production/aisc to EV ratio (though the Ev's somewhat understated (by around $150m) cos it;lll burn through most of its cash before its production hits that mark

but id safely say its valued at 50% of the peer group here - not sure about north american miners - and theyd be the more likely buyers given west african focus

So i reckon somewhere between $1.60-$1.90 would leave big upside for any acquirer that would almost immediately be net accretive to their nta/ev while still offering an attractive t/o premium that allowed holders to avoid the operation risk of next ~9-12months or transfer into shares of the merged vehicle to achieve pretty similar outcome

I;ve long thought EDV which i also hold - which is about the most active acquirer/deal maker with WA focus - should look at RSG

EDV just raised $300USm in a convertible debt note despite being by all accounts pretty cashflow positive