love the chart!, page-3

..IMHO the reason for IBR's sub-optimal SP is the following:

1. Armenia and Iran/Nogorno-Karabakh/Azerbaijan [Lichvaz is in the south near Azeri border i believe]..all tricky compared with easier Au plays with upside..
but also
2. Managers..whilst i dont doubt their competence ,they have no idea IMHO how to build rapport with their s/holders and others...one can keep all informed continually as to what is going on..as opposed to longs periods of silence...the point is that they too compete for attention for the available 'wall of money' at least in these earlier and to my mind still v.risky stages..
In fairness to the mgmt all those camp followers who have exposure to IBR's stablemates , BLR and ELK will be v.pleased ...horses for courses..i am inclined to let those profits run and re-consider IBR later in the Nth Summer/Autumn when they should be closer to producing ..