macquarie research report, page-66

Just started reading the full report, but thought that this:

However, INL’s primary stated objective is the
development and commercialisation of its minerals
processing technology for the base and precious metals
industries, specifically using hydrometallurgical
processes to replace smelting (the ‘Intec Process’). It
has technically successful patented technology which, if
proven commercially, has the potential to offer a lower
capex and operating cost alternative to conventional
metals processing options.
! INL management has proven itself to be agile,
opportunistic and entrepreneurial in using the current
high metals price environment in piecing together a
strategy to develop its technology.
! As we read through INL’s recent market releases, it
occurred to us that the company is a moving feast, and
presently in a state of flux as it aggressively pursues a
variety of related measures to deliver value to
shareholders, all ultimately connected to the commercial
development of its proprietary technology.
! Sensibly, it has used its HZCP project and high zinc
prices to build cash (rather than the equity market), gain
expertise on metals processing, trial its technology, and
buy time while it determines how best to monetise its
technology – and quickly.
! Based on our outlook for substantially declining metals
prices from 2008 to 2009, albeit to still historically high
levels and with potential for further prices upgrades, we
view the next two years as critical to INL in realising its
vision. INL’s not inconsiderable challenge is to transform
its revenue and earnings base from one highly leveraged
to the metals cycle to one that is more insulated from
metal price downturns by increased demand for low
capex and low operating cost processing technology.

Sounded a lot what I have posted many times over (with the exception of the sharply declining metals prices bit.... how long have analysts been saying that now??? they certainly were saying it of nickel when I bought MRE at $2.55, and were saying it was a sell ;))

Anyway. Nothing has changed with respect to why I bought INL, as I've said before, give it 12 months for a decent move, and 3 years for it to shine :)

Tony.