Ann: Appointment of Voluntary Administrators, page-59

What IGO is pondering right now as PAN is in VA are the following imho:-

- do we lose $45M cash in our 15% stake here which reduces to 0 if we dont bid, easy NO WAY imho
- can we deal with Trafigura & keep offtaking with them, easy YES, already have FF Nova deals with them
- do we bid for PAN way cheaper than the 47c bid in 2019? easy yes imho
- do we need that large MILL near our tenement, YES for sure
- if AFAF bids for this we will lose that mill, tenement development & $45M cash
- after being burnt with shuttered WSA $1,100M is PAN worth 10% of that at $100M
- are PAN assets worth $100M if WSA assets were worth $1,100M?! derr.
- will NP go higher next year
- as we have $750M cash at bank can we afford to spend $100M & save $45M?

pretty easy decision in my analysis for IGO.
Question is will AF or BHP be interested also, I doubt it.

IGO is the only gamer in town that I can see right n