"Icon has no assets"Just a question to anyone who may be able to...

First 8 Last

Share
Profile

Follow
redant

3,168 Posts.

249

02/08/23

14:25

Post #: 69118238
Share

Originally posted by Ghoulie: ↑

Thanks for your response gassed.

With regards to an appeal of the decision, Icon made the decision for the department by not having any finance as well as not complying with the prior ATP 855 work program that Icon provided and accepted. A Judicial Review provides the process of how a decision was made.

It known that Icon could not meet the capability criteria for the renewal (s84(2)(b)(ii) https://www.legislation.qld.gov.au/view/html/inforce/current/act-2004-025#ch.2-pt.1-div.5) which required Icon to prove that they have the financial capability to carry out the proposed work program. As they didn't do the prior work program (they had no finance) and had no cash, there is little reason to see how they would meet this renewal requirement. By the way, a non-binding letter of intent is not evidence of financial capability.

Even worse, the Minister/decision maker cannot approve the renewal as Icon did not comply with the prior work program (ref s82(1)(b) and s84(2)(b)(iii)(B)).

The legislation is what the judge will assess the appeal against and based on the legislation and the non-compliance and lack of finances of Icon, the decision was correct, the permit was not renewed and ATP 855 ended. Full stop. There are no provisions to reinstate a permit once it has ended.

Icon has no assets, none. I cannot explain why anyone would throw money at a company with no assets and no future. The only potential that I see for ICN is to use it as a shell for a backdoor listing.

Expand

"Icon has no assets"
Just a question to anyone who may be able to answer - Icon presumably has a mountain of data relating to ATP855 which they have accumulated over a period and which includes the Collyer McNaught estimate of reserves. Is there any value in this information to another explorer who may be interested in taking up a new permit over the old ATP855 and would they be likely to make an offer to Icon for the information?

ICN Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

LRD

Lord picks up high-grade copper play in Western Australia, with past intercepts of up to 6.62%

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Bitcoin jumps 8% to beat record on Trump vote optimism

SI6

Nanocap Si6 Metals to kick off drilling at Monument gold project WA, chasing past hits

First 8 Last

Add ICN (ASX) to my watchlist

(20min delay)
Last 0.6¢		Change 0.000(0.00%)		Mkt cap ! $4.608M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

"Icon has no assets"Just a question to anyone who may be able to...

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Lord picks up high-grade copper play in Western Australia, with past intercepts of up to 6.62%

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Bitcoin jumps 8% to beat record on Trump vote optimism

Nanocap Si6 Metals to kick off drilling at Monument gold project WA, chasing past hits

Featured News

Featured News

"Icon has no assets"Just a question to anyone who may be able to...

Top Stories

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Lord picks up high-grade copper play in Western Australia, with past intercepts of up to 6.62%

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Bitcoin jumps 8% to beat record on Trump vote optimism

Nanocap Si6 Metals to kick off drilling at Monument gold project WA, chasing past hits

Featured News

Featured News