Ann: Chairman's Update - August 2022, page-90

I'm not selling, at least not till I see some real value accrue from all the work our team has put in - not to say all the wealth we holders have provided.

Yes @novtrader patience is needed to reap the benefits - if the gods of the underworld are willing.

With talk of possible, or even inevitable JVs, specially over the East Tenant holdings, I'll tell you a story I call 'The Tale of Two Companies'

One is a $12 million caper with a stack of JVs with a $9 billion major. The big guy is about 1000 times bigger. He banks hundreds of mills in profit each year.
And the JVs appear to be designed for the little bloke to hold maybe only 10% of even down to (perhaps only) a free carried royalty. So maybe one twenty fifth of the action.

The companies are BUX and IGO - I hold BUX, mainly for their graphite play which is not JV'd. This week they added two more projects to the JV list and will collect over 2 mill up front and they ink a plan going forward.
Clearly IGO respects BUX's ability to pick up good projects and do the hard yards to get traction, and BUX respects that IGO will not 'overwhealm' them.
Its a good story, worth reading - start with IGO's recent presso to Dealers and Diggers - IGO has realigned itself with battery metals, and own Greenbushes and Nova, among others. Then read BUX's ann of the new JVs one a copper project in US and the other a Ni, Cu, PGE project in the Narryer Teraine on the craton boundary NE of Geraldton.

If productive long term JVs are in Inca's future we should know a bit about them, and get a board who can move in that direction.

Just my own thoughts, shared for those who think the same way. DYOR and GL.