Package, I'd agree the market is part of the problem, and to...

Package,

I'd agree the market is part of the problem, and to some extent sentiment to gold stocks also.

But what is not true is the profitability of the gold has diminished, nor the outlook for it. AUD price up and AUD costs coming down.

It is the base metals where profitability is being savaged, where the outlook is deteriorating. Yes and that includes IGO's base metals, which had been producing roughly 50% of its revenue, EBITDA and of its net profit.

I don't actually will produce any meaningful free cash flow or profit for IGO this FY if the pon stays where it is in AUD - a sad first for IGO.

I'd also concede that the IGO sp was getting a bit stretched at 620 before rumours of this deal surfaced.

Gold is definitely a better space than nickel atm, although I'll accept that gold miners have also been hit by the market, however gold would have kept the financials of the smaller IGO still looking healthy though.

EL