I think they suggested initial scout drilling, and based on the recent announcement sounds like they are progressing towards drilling at wolverine imminently with approvals being sort.
Sounds to me like they are looking to do initial drilling without a cap raise. Assume with other results and outcrop they have confidence to just drill in that specific area, rather than a significant campaign which would obviously be costly and definitely require a CR.
Personally i think this sounds like a good strategy to me and as
@setfire2thehive suggests they have a good history of managing cash/registry effectively. If that drilling is successful then there are lots of options, if it's not i'm not sure it changes things too much given IGO haven't activated their option anyway.
Suspect IGO are distracted with a new CEO, challenges in their existing operation, and the markets in their key materials. But long term a big copper play in their portfolio would seem to make strategic sense IMO.
