Consolidation of Nickel Producers Begin, page-173

I basically agree with your view on POS but perhaps not quite as optimistic. Once the pit cutback is done on BS, coming up with an economic underground plan for those low-grade tonnes that go to the centre of the earth will be difficult. Maybe caving(?), but slight issue of the tails dam location.

Definitely think is worth more than current market cap - by multiples. Can't see BHP ever being a suitor though. Big companies - big mines. Even WMC couldn't manage its Kambalda mines. But there are many other interested parties just biding their time for POS to de-risk the restart.

When you consider PAN is more or less tied up with IGO and Zeta anyway, its only POS on your list. I'd add WIN and LM8 even through your not keen on them - and sure they aren't without their issues. IPO investors in LM8 should be reasonably happy.