It is quite simple : we have a party who is both a seller and a...

It is quite simple : we have a party who is both a seller and a buyer. They could even be buying more than they are selling. Oh and by the way each time they sell a current year purchase at a loss they get a tax loss to offset their other income.
With 30 June rapidly approaching IGO would have to consider taking a write-down on their PAN shares, given the current share price. They would not wish to disclose a loss on trading or a write down.
We will just have to wait but In the event of a takeover offer I would not be surprised to see IGO sell the permits adjacent to Savannah to the bidder,