There is no synergy in the merger; at least none that's accessible without more than $50 million in cash, as far as I can see.
Further, Main Pit Deeps is the clear low-hanging fruit, once amounts like $100 million are available to throw at the operation IMO. (Yes, would also require paying for new tailings space.)
The impediment to generating operating cash flow at Plutonic is UP-FRONT CASH, IMO.
The impediment to generating operation cash flow from a consolidated Plutonic-Marymia is UP-FRONT CASH, IMO.
Look past the IMO tissue-thin hype that Catalyst has been putting out. CYL had to offer a 20% discount on the new shares, to get even A$22 milllion from the market. IMO, CYL is going to need a lot more than that - I'd guess an additional at least another $100 million - to do much of anything.
Who's going to give that to them? And at what share price?