Nice choice of companies to compare IBG with, HappyH and a few observations from your post:
Having investment in other companies on the ASX with proper management you see the difference it makes. NST, NCM and FMG to name a few and a few.
I personally keep a tab on IBG because the potential is there, however management move like they have both hands (Glencore and Nyrstar) and feet( CNF and Hartleys) tied. ML FINALLY granted December 2016 and financing was promised to get underway immediately under the existing MOU signed about 6 years ago. FS was completed in 2013 and just needed updating which should not take a year to do! Gives you a rough idea as to how long the financing will take...
Now initially having friends like Glencore, Nyrstar and CNF was what attracted me to this stock but it seems that they are now running the show. Past/present shareholders have every right to vent their frustrations with management.
1. None of the gold and iron comparatives are small caps, but that's ok cos I'll throw BHP into my comparisons alongside another zinc small cap HRR, and GGG in Greenland for a little more relevance. At least these companies have survived GFC, which you can't say for many small caps in the metals segment. Two charts should illustrate my point: three years and five years
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Very few small caps have done well since GFC and then GFCII in late 2011. Commodity prices reduced investment and it has been difficult for small caps to get finance anyway. Avanco AVB, copper in Brazil is a good example of a small cap that has ticked the boxes, paid through the nose for BlackRock financing/royalities, are now producing and still around 10c a share with copper recently talking off. I sold a few AVB seven years ago, five years before production for 16c, wish I sold more lol. The market can be weird! 5 year chart, with IBG lagging
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Think it's a little unfair to talk about IBG performance arising from GFC when not many small cap miners at all have shot the lights out, nickel miner in WA? Some spectacular geo finds? But the road to production has proven very illusive and Greenland has not been a fast track domain.
2. Your 2nd para - who the hell was going to finance a zinc project in Greenland 5 years ago, or even 3 years ago? Finance is just beginning to flow through this year. And why would you update the feasibility study when no-one was going to finance, so you can update it again when they will?
3. I don't mind shareholders venting, and encourage them to ring management. Struggle to understand why often people will vent on HC without speaking to the people responsible for their investment. Are they afraid they might get reasonable explanations, and deny them being able to post their negativity and sometimes naive perspective? The stuff about how simple to get approvals, updated costings, finance in line, for a very big project in a difficult jurisdiction. We're not talking about mining tailings with old infrastructure lol, like some attracting current interest - "got to get going before the zinc price slumps", seems a common sentiment on the zinc thread.
LT holders get sucked in, we all do. Hard to know when the sentiment is going to turn. On a historical basis IBG should be trading at multiples of what it is now, simply with zinc over $1.40 per lb but it isn't, even though it is so well advanced of when it was 16c a few years ago and zinc was $1.10 - gee management has a lot to answer for.
So, if people want to base their prognosis for IBG on the last 5 or even 10 years, which is a little unfair as GFC did get in the way, then go your hardest.
Not worth holding IBG if you think zinc is going to slide again and/or the project doesn't get up, regardless of who's running the company. I'm grateful we've got this far, JD runs a tight ship in terms of costs, bonuses etc. My biggest complaint is the shenanigans with Hartleys, but IBG isn't alone on that score. I'm above water, just as I am with AVB and screaming with a spectacular geo story, CDV. Expect most holders would be ahead with IBG, or close to it looking at the charts.
We know they're in the final stages of finalising that release. Let's cut them some slack - do people really think they're coasting, on go-slow mode? Or that these things just don't happen in a hurry.
I'm looking forward to that update as much as everyone. However don't expect it will bring a major re-rate just yet. That will come if and when NFC involvement becomes real and the market won't be able to ignore this puppy.
Best of luck to all longs
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