Just to chime in, I dont think there is a restriction for IGO to...

Just to chime in, I dont think there is a restriction for IGO to take out BOA (also why would either company build this in?). So your logic is good Baby Jack. Simplistically $50m is worth 51c per share assuming all BOAOA exercised. So IGO would be better off paying up to 51c. This makes assumptions and may miss a few things but IGO are switched on enough to do the math. Also IGO taking out BOA rather than paying the $50m avoids paying the ongoing royalties to BOA. You may argue the opposite- having this agreement may stop someone else acquiring BOA especially if they are an IGO competitor. In any case BOA have to get a wriggle on prove something up, or if too hard to do so in the current environment, merge with a company that has the resources to get quick results. The mining boom is passing by............