Junior Gold M&A - Novacopper buy Sunward.

Some big names, Thomas Kaplan's Electrum, John Paulson, and Seth Klarman's Baupost have been significant holders of Sunward, trading below their high $20m cash (no debt).
Sunward hold a very large scale (global top 3%) low grade (0.53g au) Gold-copper deposit, Titiribi, in Colombia which has yet to see an economic study, but would presumably be a project requiring a much higher real gold price and then be highly leveraged to the 10m oz + gold (mostly inferred) &  800m lb copper.
NovaCopper have many of the same holders. The acquistion appears to look to apply Sunward's cash to advance NovaCopper's Alaskan copper deposits.