Beaton's Creek ProductionIt would make a lot of sense for NVO to use MOY mill to process the 0.5M oz RE at Beatons. Either by a JV or toll milling with MOY. Or, just have a "merger" with MOY to get the use of the mill. Pre-sorting of the ores at both Beaton's and other depsits at MOY would allow the mill to produce a lot more ounces.
MOY seems to be floundering (not much cash left, C$4M, and a sizable debt,C$ 31M)., so perhaps they could use a new management team.
NVO could issue enough shares to offer a reasonable premium (say 15%, for a cap of about C90M which is just about $90/629M = 14% of NVO mkt cap). Sumitomo has set aside over C$60M (?) for its investment in NVO with $30M committed for Egina, and the balance is presumably for Beaton's. This amount should be enough to pay off MOY debt of $31M. NVO still has over $30M cash in its treasury, with a potential 14Mwts x $6 = C$84M from KL exercise of the wts.
Note: It cost MOY $100M (A dollats?) to build that mill not too long ago. So, an offer of $90M for the mill and all MOY properies (with an RE =1.2Moz, reserve = 0.375Mos, and production of ~80kozAu/yr) would be reasonable for MOY shareholders.
https://www.millenniumminerals.com.au/wp-content/uploads/2019/09/1971538.pdf
It would look like Beaton's AISC would be low (open pit) and Beaton's Creek would be a cash generator for NVO.
I would say: NVO go for it.
GH11
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