Ramelius launched the one-for-four scrip deal last month after trying to engage with Explaurum on friendly terms.
Explaurum said it had "gently" declined an invitation to enter into discussions with Ramelius while it was working on increasing the value of the Tampia gold project in Western Australia's Wheatbelt.
But Explaurum said the week before the hostile offer was launched, Explaurum held discussions with Ramelius in Sydney.
"Again, our focus in the discussion was on the current work program and the expected uplift in value this would provide for shareholders," Explaurum said.
"During these discussions, Ramelius was provided the opportunity to work constructively with Explaurum in parallel with the completion of our ongoing work programs so that Ra...