Some interesting observations FRD. Some Scot's scepticism in small caps is not a bad trait.
The high prices for zinc last time were good for two years. Ironbark went from 10c in Sept 2006 to over $1 in nine months, staying above 40c for nearly 18 months with no production in sight. Then zinc collapsed with GFC and didn't recover like many commodities did from the China demand.
You may be aware of the coldest zinc mine in production, Red Dog in Alaska, which is now the biggest after Century closed. Well Citronen is a bit colder, and like Red Dog, production will run all year with shipping of ore being the logistics window. Not sure if you've read the feasibility study, and their website has a lot to offer from the homepage http://ironbark.gl/
Greenland may be a little harsh, and with recent social problems arising from their dependence on Denmark and lack of opportunities for the young other than fishing. By and large they see mining as their future and been very co-operative with IBG and China Non Ferrous (NFC) in the studies and negotiations. NFC leaders have visited Greenland on a number of occasions and the Greenlanders to China. There is a lot of love in the air, even if the whole approval process is slow, somewhat due to everything being translated into Greenlandic and Danish.
Wholeheartedly agree Ironbark can get to $100 - 200M market cap with zinc prices staying above $1.10, which be many multiples of the current share price. Can get above 40c in the blink of an eye, took three months last time from 10c to 40c then ultimately $1.20 as zinc went nuts.
This time around - what will mining approval add to the equation? That will occur this quarter and wasn't on the radar before. A subsequent agreement with NFC could be seismic, especially when they disclose the new metrics with their largest cost slashed, being oil. NPV of $SUS 600M is good enough already.
But you're right there is no guarantee that production will proceed. Doesn't bother me as will run with the cycle for at least six months and plan to keep enough shares for production, and later dividends if we're not acquired. New zinc supply has to come from somewhere and there are ample reasons for Citronen to be in the mix.
You were late to Cardinal FRD, and perhaps you shouldn't dilly dally too much longer with this one
(20min delay)