Thank you for sharing, interesting to hear other people's investment theses.
Although briefly looking into the companies listed has reaffirmed my investment in IBG. ADT's Vares project is valued at just over US$1B NPV from a PFS (numbers similar to IBG's 2017 feasibility study), and although it has a healthy IRR of 113%, there is still a looong way to go until financing and development (DFS is next). Not to mention that it is already valued at close to $500m mcap, obviously the market has already priced in something good there.
Compare this to IBG which, even though Citronen has a lower, but realistic, project NPV of $363m and IRR of 15%, is only valued at under $30m mcap! With the final investment decision due within 6 months, and news of approved financing from none other than the US government due before then! I'm not a short term trader, but imo, short and medium term upside in IBG is far greater, and it is still flying miles under the radar.
As a pure zinc play, if the above are the alternatives available on the ASX (AZI still explorer status/TZN only owns 65% of their zinc project), I'm more than comfortable accumulating down at these levels. Not trying to dissuade your conviction in the above stocks, but just reaffirming my own in IBG btw.
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