True, IGO can exert some degree of control (not necessarily a...

True, IGO can exert some degree of control (not necessarily a bad thing as it’s usually combined with experience) but there’s zero chance you’ll see a single share of their holding hit the market - which could have easily been the case if the full placement went to instos. Those shares are truly locked away. So we have IGO taking a very substantial position at a premium to VWAP (which you have conveniently overlooked) and whilst it’s dilutive, it won’t destroy the SP. I’d rather have IGO on with more control than have 130m shares hit the market following an insto placement.

Regarding plenty of lower risk options in the market, there aren’t many IMO. Not saying NCZ is low risk but nothing is a certainty in today’s market. One thing that is certain is that the 57m shorts that are currently open on NCZ will start to cover as they were all banking on NCZ heading to zero. That, as you concede, is very unlikely now. If I were short, I’d be looking to cover now. If new buyers step up into the queue and compete with short covering, the SP movement will be explosive, resulting in even more covering. So yes, there’s risk here but there aren’t many other opportunities out there today that present a better upside in the very short term. Zinc can track sideways or fall a little and the SP will still pop.

I think NCZ are in a very, very favourable position right now.