Majors tend to take over producers, not explorers. It's usually because their own exploration efforts are not working, they have total mine life numbers and, most importantly, production quotas to keep up to par.
Further, they know they can acquire at less cost than they can explore. And they have massive budgets for M&A activity... swollen by ever-increasing margins as PoG rises.
Sure, if EKM were even a minnow producer with great potential, I'd agree with you.
Over at Integra, Chris Cairns fought off Pala before IGR became a producer. IGR is now an M&A candidate and if i had my wishes they'll merge with SLR before the majors get at them. I hold both :).
In your scenrio, a major would need to see what the EKM resource is, then make the offer assuming they will have the metallurgy sussed. And worry about the remoteness and lack of infrastructure as they go along.
EKM won't have trouble raising exploration capital. And they have not issued any silly astronomical numbers of shares. Murray could drill away for quite a few years to come and keep the majors at bay imho. I may be wrong and will gladly entertain countering arguments.
It will be interesting to see what the chairman says today, if someone asks him.
Now that they are a producer, M&A ir own exploration budgets are often fatter and when less successfulco
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