Correct. Maybe the view of HNR is reflective of the SCR Board,...

Correct. Maybe the view of HNR is reflective of the SCR Board, thinking SCR cant raise the $12m they need for Kiruna. At least they have the cash to advance the project. And it's low ball but its 25% higher than current share price.

Both companies have had significantly better SP in the past, so maybe, just maybe, this offer unlocks the undoubted value in Scandinavian.

There might be one more offer, but unlikely