Ann: Change in substantial holding, page-14

It could be a top-up before a future takeover, or maybe it was just an opportunistic buy while a big seller had shares on the market. Foreign investment rules with strategic minerals may also complicate a full buyout.

In any case, Image is worth a lot more than a MC of $250m given the cash on hand, inventory, plant, mineral deposits and zircon pricing. Any low ball offer at 25c would likely result in further offers by other parties. Base Resources CEO Tim Carstens has said on multiple occasions to expect M&A in the sector, and it wouldn’t just be Base running their rulers over it at that price.