Under the Ramelius scrip bid, Explaurum shares are being valued at A12.3c per share, capitalising the company at about $60 million.
That's up about 60% on Explaurum's value at the end of last week.
Explaurum shares surged by 48% this morning to 11c.
Ramelius claimed it had unsuccessfully tried to come to agreement with Explaurum's directors on a deal, while the target company said it was "surprised and disappointed" the bid had proceeded without "meaningful engagement".
Tampia is at bankable stage, with earlier feasibility work outlining a capital cost of about $120 million.
Ramelius started the current quarter with $95 million cash and was flagging its production to be similar to last year and in the range of 200-220,000 ounces at all-in-susta...