the key is, page-12

"the more they drill the more nkp has to pay"

That's my logic as well .

I hypothesize that is why they were approached by numerous parties months ago, before further drill results came in . Unfortunately, something mucked up the negotiations back then - possibly NKP's exposure to OPES stock liquidation which possibly upset scrip merger equations (my speculation only) .
Interestingly NKP is back to double IGC's shareprice exactly (93 / 46.5) Coincidence ?