Question: I have a list where for most users they will have read access to the list. The list has URL links to pages outside of SharePoint on our Company intranet. These pages on the intranet are available to everyone. My assumption is if a user has read only to a list that contains hyperlinks then they should be able to click on the hyperlink ? Am I correct ?

Answer: 
User has a **read or view** permission in SharePoint list or library . User can click on item and **download** the document as well as user can click on **hyperlink** .

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Read 

Can view pages and items in existing lists and document libraries. Can download documents.

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Refereed Link :

[User Permissions in SharePoint](https://support.office.com/en-us/article/Understanding-permission-levels-87ecbb0e-6550-491a-8826-c075e4859848)
To be more precise, in this case it is nothing to do with permission level.

If item from the list is visible to user then he can click it.