The optimists will buy....
The pessimists will sell...
And the whinges will whinge, no matter how it goes.
Its the same everywhere on the ASX, and more broadly, its human nature.
The reasons I am still holding and buying small parcels-
- I think the funding will come
- I really do see them becoming part of the UK supply chain
- I am not betting on an immediate CR, the VMM shares will go first IMHO
- Possible divestment of Makuutu
- Zero debt
- In my research, it feels as though in its hey day, IXR was being set up to be a decent sized company, with all the levels and structure, offices space, staff, etc..etc... that successful multinational company's require to grow. In hindsight, this has not played out well, as the big funding has not come through, and this fat in the system has drained the coffers. This indicates to me that Tim believed (probably before Brett came onboard) that the deals were imminent and not too far away. But with the Chinese crushing RE pricing, the exit of capital and investments in small caps, high interest rates and general market uncertainty, the funding did not come, the deals were not made and the capital is not there. Tim over the last couple of years has indicated the same, in the various statements, videos, press releases and announcements. So the structure of the company may have jumped too early, and now the inevitable restructure and downsizing would be happening. This is just my opinion, in the way it seems to have played out over the last 18-24 months from the data publicly available. The early comms were very positive and seemed destined for growth, but it has not yet materialised, and caught them out.
- So, I am 99% sure they are now acutely aware of this and have been moving swiftly to cut costs in a big way....which will probably include executive salaries. IMHO.
- There are some hints in the flurry of last videos indicating they have the PFS, in draft at least, and are discussing the future direction with key stakeholders and could lead to a path forward.
- The Ionic Tech/Belfast recycling strategy makes a lot of sense to me, and ticks so many boxes for the auto/renewables/wind power industries, government, and defence, that I am very optimistic they will be supported by these sectors.
- The addition of Lynch drew my attention to IXR, I think he has the connections and capacity to crunch a deal.
- Admittedly, I am an optimist by nature, and have to reign myself in frequently to balance my view
So yes, this is not for the faint hearted, but I guess anyone in small caps on the ASX at the moment is feeling the same pain...its not just us.
Many here still see the positives outweighing the negatives, the major one being our cash position....most other aspects seem on track.
Sell the VMM equity, ( while maintaining the JV) give us some breathing space, and push the potential partners to get a deal done.
In my view, this will be the path going forward, and I reckon they can get it done...
Each to their own....and I respect everyone's opinion...
(20min delay)