This is a flawed view which gets floated around a lot on...

This is a flawed view which gets floated around a lot on HC.

Ultimately, it’s very difficult to value a business less than what it’s worth because in the end the majority shareholders (which IGO doesn’t have in this case) has to approve any takeover offer based on its ‘valuation’.

If the majority shareholding decide any T/O offer is considered inadequate or lowball then it won’t be approved.

IGO would be aware that trying to suppress the share price would ultimately have to face the shareholders to determine its value.

As previously mentioned, the minimum valuation based on current spot/ USD is $0.32 per share which factors no premium that IGO, WSA, NIC all enjoy.

The ultimate ‘driver’ is the price of nickel, which IGO has absolute no control over. If you truly believe in the future of Nickel then pricing should be higher than where we are now and further reflective of the share price of PAN.

Happy holidays