Generally a scrip for scrip would be offered during a merger rather than all cash, though perhaps to minimise dilution some cash could be used.
If I am right a merge between A40 and Galaxy would provide ~400,000 tonnes per annum of spodumene production to start with along with the ability to expand the resource further around Bald Hill.
What's the production target for Pilbara when they include Stage 2?
The thing I am most interested in post such a deal is how Galaxy might perform on the Singapore stock exchange? (And factors surrounding that)
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