That wouldn't really make much sense... Cheaper for buy-out also...

That wouldn't really make much sense... Cheaper for buy-out also means cheaper for everyone else.
The low SOI and low liquidity is exactly why that can't happen.

BUX can see the register and IGO's holding on it. Be completely opposite to the complimentary relationship if IGO started selling down BUX shares - all they've ever done is increase.

Realistically IGO is an 11bn company. They're not going to manipulate a 30M EV company they hold 19% in to save a few bucks on a buy-out. What their consideration is now is with the 65-70m exploration spend they have where does Copper Wolf rank. Looking at the rest of their exploration folio is fairly greenfield type stuff. This is proven brownfield project with massive upside - i know where i'd be putting my money.

IGO basically now decides whether to trigger the earn in - i think they will. Meanwhile BUX assesses how best to spend that. We've got a supergene zonation which is the lateral blanket and now have indicated that they believe there is a vertical hypogene (feeder) in the vicinity. Either lateral to hole 2 or further at depth.

IMHO the likely pathway and cheapest option for IGO to buy more of the project is to exercise the 3.5M USD spend. That takes them to 69% Ownership. It additionally then allows BUX (a smaller company with almost sole focus) to assess and spend that as wisely as possible. That is IMO when IGO would then opt to buy the remainder of the project - or a takeover completely if they would also like to add BUX's suite of other projects IGO is doing an earn in on. The only question probably would be whether Graphite Bull spins out or if IGO wanted that on their books as well.

Looking forward to the upcoming drilling program there. Still looks like australia's highest grade graphite project. CSPG ammenable and good yields. Juicy.

SF2TH