Ann: Ironbark to commence site works, page-47

It's interesting to compare peer's SP performance over the past month... plot MCT, VXR, NCZ, HRR, RVR, against IBG, they're all more or less in line.

Really it shows there's been no conspiracy against IBG to hammer down the share price. Also, the share price says nothing about the ability to get finance or any other perceived issues with Citronen; because producers, developers (both with and without finance), and explorers have all seen their share price fall lately. I think with the global stock market correction and pullback in zinc price, zinc stocks are just out of favour at the moment, it's not as sexy as lithium, cobalt or pot.

At the end of the day though, cash flow is very, very sexy, and will be reflected in the share price. NCZ is close to production and arguably the closest benchmark for IBG to show where market cap can go, given broadly similar contained zinc, projected annual production and costs. This is why I’m holding IBG.