What I like: Peterlumbo discovery looks the goods. Could easily be a multi-million ounce p.a. silver operation within a few years.
What I don't like: Directors/management don't look the goods. Jnr explorers should NOT pay their execs massive salaries until they have earnt their stripes (which are only just appearing). Mr Anderson's pay of $380,000 (incl ops) is obscene and I'm not sure the discovery at Peterlumbo had a lot to do with his management.
I also note that 2 of the directors bought shares AFTER the drilling was completed and BEFORE the first drill results were announced. That smells like insider trading to me.
I also dislike companies where directors don't have skin in the game and I note that IVR's directors own less than 2% of the company. More to the point, with a cap raising underway, the directors will have no real interest in limiting dilution and I'm guessing will be seeking as much money as possible.
IVR Price at posting:
13.3¢ Sentiment: Hold Disclosure: Held
