Australia's largest stock trading and investment forum Australia's #1 stock forum

ICG inca minerals limited

12.5%

1.4¢

I Was An Inca Addict, page-7

First 7 Last

Share
Profile

Follow
nammuldi

3,745 Posts.

396

25/10/15

14:23

Post #: 16248555
Share

Originally posted by longreach ↑

I held shares in ICG for more than a couple of years. My buy-in price was substantially higher than the current price, I was losing a lot of money based on my averaged down buy-in price.
Over that time I saw time after time what I consider were many dumb decisions by mgt, but because I was a shareholder I was loathe to stir the pot and say what I believed at the time. My thoughts were that if Chanape ever came up with the goods then the share price would finally solve my problem irrespective of all the frustrations that I copped over the time of holding the shares.
I found that despite some interesting technical potential at Chanape, what I would consider the odd day of sunshine in a continuing winter for the whole time of my shareholding, the mgt continued to spin the story out, earning their salaries during the long time between applying and getting the 22,000 metres granted, that took more than a year despite mgt continuing to suggest it was just around the corner. I think they turned that corner more than 360 degrees with the spin!
Then the crazy capital raisings, like the $3 million capital funding through Acuity Capital, and despite that then announcing the $2.15 million rts issue and placement done at a 41% discount to share price that really clobbered the share price and diluted the shares forever more!
All along mgt got paid, not only that but the MD also got more shares at the last AGM to "to incentivise him", despite him already having a squillion shares!!! I just passively accepted it all.

Eventually once we started drilling this year I realised that the technical reports were also full of promise or spin, to the extent that I really didn't hold out any hope any longer of getting my money back. So a few weeks ago I sold out. I kept watching the share price, it hardly moved. Then I noticed an announcement that the Chairman had sold some of his holdings. What an amazing thing to do! OF course a director is allowed to sell any time he wants, but it does send a message, and that message isn't one of confidence in the company's fortunes. I felt justified with my selling. Then I noticed this week that ICG has announced "an option to acquire" another base metal project in Peru, only 130 kms from Chanape. That gave me further justification that ICG was now seeking to find something to give it another life. Clearly Chanape is not what it was cracked up to be, and realisation of that is evident by the mgt decisions lately.
And now I notice that PLP has basically lost interest in extending its rights over the tenements next door.

I am now free of ICG, also free a of many thousands of dollars that I wasted buying into the company, but much wiser. For sure I would be careful to buy into any company associated with the mgt of ICG, either they are just unlucky, or maybe something else. I made my own decision about them and about my shareholding in the company.

Yes I am the dumb one, I wasn't forced to buy the first shares or the successive other shares I bought in the company. And for a long time I was hooked because of the falling share price, I simply didn't want to lose and kept on hoping for a change in luck. It never came.

I am sure this will sound familiar to a number of current holders in ICG, and each holder has his own decisions to make re ICG. I have been free for a while and have started to trade/invest in other companies, and have had some wins and some losses, but I won't get sucked into the spin again. I will cut a loss much sooner, I will not hold out to live in hope any more.
GLTAH

Expand

longreach - a very familiar story in any share trading especially the pennydreadful resources. I was stuffing around with icg at the 1.9-2.3c area when they drilled the first holes and got my attention but mainly when the JV possibility arrived. When the potential JV people did not take up the project it sent a clear message to me that the risks now were much much higher for icg and the sp - mainly that icg were going to need more $$ and that the vote by several Cos that maybe it was not as good as icg suggested, or worse icg management tried to hard a deal and they ran away!! - now that would be mngt fault.

As i have stated numerous times on this forum as well at the time i was in icg and up until now i have not been able to clearly ascertain for myself the potental of the project from the diagrams, holes locations - assays and presentatons given by the Co, plus the haphazard type anns in dribbles with Mo and this and that element - christ - talk about making something complicated - why?? If i cannot get a clear picture of teh geology then i know most other punters cannot either and so it is on a leap of faith that many invest.

and lastly when you see the great geological model that they are now trotting out does it not occur to many that the main mineralisation is ALWAYS just below the current drill depths - that is another sure sign that the risks are getting even higher for success and now even if they hit 400m at whatever copper .08% for good measure can they make it work at these depths!!! - unlikely. They use metal zonations to suggest that they are still onto the big one - well maybe but as indicated above at what depth - the deeper the more unlikely it is a goer.

they are explorers and the risks are high but i just get annoyed that many get sucked in when it is clear the risk are mounting against their success - ie continued low grades, no JV partner came in, etcetc

this is one tough environment atm for all resource Cos no doubt - icg are going to need one hell of an intercpet in the next 2-3 holes to just survive and hopefully get that bloody JV partner in!!!!!

good luck all

ICG Price at posting: 0.9¢ Sentiment: None Disclosure: Not Held
3 Upvote

0 Great analysis

Reply

Top Stories

HotCopper Highlights: Trigg; Droneshield; Lumos & more

SYR

Syrah jumps +19% as graphite tariff threat spurs optimism down under

SER

Strategic Energy extends its QLD copper-gold frontier with Diamantina acquisition

STN

Saturn brings up seventh straight Apollo Hill upgrade on 'impressive' 300-hole drill run

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

BDM

Burgundy plunges -20% after turning to layoffs to navigate record-low diamond prices

PSC

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

Week 29 Wrap: ASX hits new all time high of 8,766pts ahead of Aug 1

AII

A new NASDAQ listing for a key player in the global critical minerals space

DRO

History repeats for DroneShield investors but carnage so far subdued

First 7 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.