Let me be crystal clear what the dynamics behind this deal.SPR...

Let me be crystal clear what the dynamics behind this deal.

SPR is RMS insurance policy against a market correction.
RMS has prospered as the gold price has risen but is extremely sensitive to gold price movement because the mining costs are at higher levels as with many miners over the last 20 years. They are seeking higher grade to protect RMS against a market shock .
SPR is RMS insurance policy against a market correction.

RMS is SPR insurance policy against a market correction.
SPR needs a lot of capital and development and you want to preserve capital against a market shock but you can't when you are developing a mine. Many good companies have failed at development stage from a change in market conditions while in the process of creating a mine. RMS offers SPR this protection with a good bank account and production.

Reality.
1 If RMS can maintain 700 million profit a year over 13 years merging with SPR will cost RMS holders 35% and approx $3.2 billion
2 Dilution results loss of 35% of SPR upside , 4.5 billion for 2.2 billion investment. (shoes have bigger markup.)
4 If I am ultra conservative this will cost RMS $3.5 billion profit dilution from existing assets and $2.2 billion for the asset (Cost 5.7 billion to make 4.5 billion over 13 years.)

I think around $300 ounce value is appropriate valuation which would value SPR at $750 million Plus capital, 1 billion total tops.
After the deal this I will value RMS at $1.95 if we take into account SPR assets.