Checkmate...this is my personal opinion (from a guy that really focused on producers and really doesn't have any good idea of how to invest in juniors). I don't think an acquisition is in the best interest of shareholders. Unless the acquisition would somehow improve their odds of developing their graphite mine, I think it would show a lack of focus by management and possibly a negative indication of what they think about the ore body.
I've been consistently intrigued by DNI from your posts, but something about it just doesn't sit right with me.
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