Dudded ??, page-10

In my opinion the deal is not brilliant, but much better than nothing. The NSR + $57m is not enough exposure to the upside for my liking. If IGO manage to find and mine $1B worth of ore, BOA would get a royalty of just $7.5m.

A better deal would have BOA retaining >30% without a one off cash payment upon discovery.

I don't think this is necessarily a done deal however. There could be a better offer tabled before the GM. A wily management team might even use this interest as leverage to raise capital, reject the offer entirely and fund exploration themselves.

If it does proceed, BOA will be left with enough funds to explore Koongulla, which looks highly prospective to me given the activity from majors in the area. But if you think IGO would takeover BOA if it can buy out all those tenements for $50m more I think you are kidding yourself - why buy the cow when you can have the milk for free, so to speak?

Not all long term holders will be happy with this deal but I topped up in today's weakness because I am of the belief that any activity is better than no activity and the promise of an 8c dividend and a major investment from IGO @ 24c should put a stopper under the price. Technically, I think today's action was to be expected and can be interpreted as a back test of yesterday's breakout.



Nice to have some activity on the thread. Good luck to us all.