Evolution coughs up for Cowal as Independence agrees bid for Sirius, page-3

In $US (and rough figures)

IGO is getting about $3.5B+ worth of metal in reserve and resource inventory over and above metal subtracted to be consumed as opex for a bit less than $2B in scrip and cash.

EVN is getting a similar $3B worth of metal in reserve and resource inventory above AISC and paying $550m in cold hard presidential paper.

Not madness at all for EVN, and good for both IGO and SIR, as it is mostly scrip, so more of a merge really, with synergies and diversification that make a lot of sense.

Both metals are at cyclic lows. Time to shop.