Points I would add:- in terms of replacing revenue streams,...

Points I would add:

- in terms of replacing revenue streams, there are the royalties of course, but also sale of our existing resources (Mt Colin 15-20m, Kangaroo Rat 5-10m and Salebury 5-10m). These assets have been given absolute zero value in the share price (we in fact have a negative EV). They will be monetised at some point in the next 12 months.

- the possibility of corporate action, such as a buy-back or a further special dividend, is always a possibility and will be considered the further away we fall from cash-backing

- finally, having 60m of spare cash lying around is what you want in a market full of panic. Opportunities will come to snap up bargains (we may even snap up something else below cash-backing and therefore get paid to take on new assets!)

- by the way, RIO aren't stupid. If they look at IVA's portfolio and see an investment trading less than cash-backing, I assure you they aren't going to dump it.

Hang in there and buy some more if you can. I have another large bid in at 14.5c though if you want to sell.