IVA could make a successful offer at 85c today, so we are...

IVA could make a successful offer at 85c today, so we are dreamng a bit with talk of 1.50.

Once the cash is distributed, our SP will also decrease by the amount of that cash and we will be trading at around 29c based on today's prices. IVA won't make an offer before then, so 1.50 is even more of a stretch.

I don't disagree that we are grossly undervalued though by the market at the moment. You are right that upside will have to come if the extension of WD is confirmed and/or we get some good results at Hazel Creek and Pumpkin Gully. This is the reason I am still invested and I don't believe we need an offer from IVA in order for the SP to increase in the medium-term. I would be ecstatic if we are trading back at current levels post-distribution - with some good results, I don't believe that is too much to ask.

IVA will either scoop us up at 45c to 50c immediately after distribution, or we will grow organically and get back to those levels IMO.