I agree- the notion of "too many shares" as a rationale for underperformance is a nonsense. However I don't agree with your point about reserves. Far from being irrational this is a very pertinent issue. Lack of institutional buying is a major factor and most instos in this space have strict investment rules re minimum mine life/reserves.
Pleasing to see the issues with institutions on the register and reserves were acknowledged at the AGM.
I'll stick my neck out and go with 70c by xmas.
IGR Price at posting:
57.0¢ Sentiment: Buy Disclosure: Held