Seriously give it a rest lol. What big mining company today...

Seriously give it a rest lol. What big mining company today didn't start off as a unloved penny stock? Why wasn't FMG taken over when it was pennies per share in 2004? Your logic is flawed. The key is potential. No big mining company is going to take over a stock like IBG at 50m market cap because it is a gamble, and gambling isn't typically what big mining companies are into.

Whether IBG is undervalued or not just depends on whether you view the odds as fairly priced or not, and in my view (and clearly yours too otherwise you would've taken the "early cash out" option at 5.8c), the odds are in shareholders favor.