I Sold it all, page-17

If we realise what IGO paid for WSA’s Pan shareholding (refer KPMG independent report) - IGO has lost about $100m on its shareholding given where Pan’s share price is trading today.

Where you consider Pan’s current 12 year mine life, I just cannot see how IGO sits idle on it’s holding where you consider the following:-

1. It’s holding (cash) is wasted away doing nothing. (Opportunity cost is expensive especially in high inflationary environment).

2. It watches Pan deplete through its reserves while this could be realised under the IGO balance sheet. No doubt IGO can make Pan way more profitable through its extensive experience, buying power, existing infrastructure, general synergies)

3. It sells its shareholding to another entity - Highly unlikely given where Pan is currently valued at today and the fact that IGO literally surrounds Pan and needs all the feedstock it can gain right now.

To that end, It’s difficult to see how IGO does not acquire Pan in the foreseeable future.

It offered Pan $319m in 2019 under very different circumstances. The question is how much it offers under any new proposition? It would have to be at least that and more? It will also gain support from exisiting shareholders (how this passes under a low ball opportunistic offer is yet to be seen).