Ann: Appointment of Voluntary Administrators, page-58

Trafigura holds all the cards as it has the secured debt and the offtake deal.

The end game for them will be to take the $45M cash at bank for themselves using it to pay down their debt & sell the rest to the highest bidder for over $20M and flip it to a producer like IGO with perhaps an option to get offtake if it produces in future so they lose nothing other than current offtake.

Shareholders need $110M buy price to get back 3.5c ps

IGO has 50% offtake with Trafigura at FF & Nova mines so they have leverage together.
IGO also has numerous nearby tenements that need that PAN MILL long term
IGO bid 47c ps years ago and wisely withdrew the bid.
IGO also owns 15% with capital unsecured shares in here costing them $45M cash so they have an interest in recovering that $45M cash and not giving it away to someone else for nothing.

IGO is the clear frontrunner & had $775M cash at bank 5 months ago
$100M is peanuts to them for a major operation & MILL like this & if the price is right I think they will bid for it as I cant see AF or BHP bidding for it.
Quarterly Report IGO Limited

https://www.igo.com.au › site › pdf › June-2023


"31 July 2023 — Cash on hand at the end of the Quarter totalled $775.2M (3Q23: $441.1M), with the Company now having net cash of $415.2M (3Q23: $8.9M net debt)"

I blame AF as he burnt through $1,200M on Noront MCR cash black holes instead of supporting sustainable Ni production with a large working MILL like PAN has.
If IGO bids low it will stuff AF & Zeta & the small guys. I think Victor & AF will have a say there in Trafiguras & IGOs decision.

IGO bidding for this makes the most sense, as i stated last year,
the question is for how much will Trafigura want and what will be left over for the shareholders?