I respect your arguments, but would ask you to look at the bigger picture. The combined company will be bigger than the sum of the two.

Here is my perspective:

The combined company has Nickel, PGM, etc, plus Chromite. I am not convinced that the Chromite represents 50% of the total value, but lets assume it is. FWR brings half of that, NOT the other half. Together with the other metals, there is now enough critical mass to support infrastructure investments. The capital cost is spread. FWR on its own could not come close to making an equivalent business case. FWR and NOT competing for the Chromite market does not make sense.

For disclosure, I have money in NOT, FWR, PRB, KWG, BMK, SPQ; you could call it my mini ROF ETF.

They should all get together and create a new company with the symbol "ROF".