If it proceeds then in a year IGO will probably be gloating that...

If it proceeds then in a year IGO will probably be gloating that they’ve already recovered the extra cost from the extra CF from FF and SQ at the elevated nickel prices.

Another way of looking at it is if you were going to role the offer proceeds into something else nickel, eg MCR or PAN, how much could you buy vs when the original offer was announced?

The offer was poor to start with, and the increase only reflects a fraction of the broader change company prices.

What would an undisturbed price have been today, if the first offer were to have been made today? perhaps $4?

Sorry but IGO can go without nickel, they can stick with lithium and mine the remnants of their own nickel. WSA has quite a long life resource.