Ann: Ceasing to be a substantial holder, page-11

I checked the disclosures and it seems RCF VI Fund bought 268,200,000 shares in May-Jul 2016 for an average price of 0.32 cents costing them $864,800.

In Mar-Apr they sold 51,689,410 shares for an average price of 25.56 cents thus reaping a $456,628 profit and retaining 216,510,590 shares free carried.

They sold 63,786,183 over 8-14 Aug 2018 for $255,145 and 13,000,000 for $52,000 on 17 Oct 2018, leaving them with 139,724,407 shares and a $763,773 profit to date.

I suspect the 2018 ICG sales are forced sales as a consequence of the Wolf Minerals Limited (ASX & AIM) Drakelands tungsten mine debacle (all as Dr West alluded to). RCF (V and VI) hold about 610 million Wolf shares which appear to have cost them about A$145 million. These shares are now worth about A$15 million (based on the last AIM price of 1.4p), a paper loss of about $130 million. (The NZ Todd family are also a major Wolf shareholder with a similar entry price to RCF.) So yes RCF must be under pressure and its likely that this pressure is behind their recent ICG sales. I'm sure they would rather be buying ICG at this time, not selling.

The brand new Drakelands tungsten mine is near Plymouth (Devon/Cornwall border) in the UK and the main issue behind the debacle is a processing issue apparently driven by the ore (at least the ore in the top layer of the open pit) being finer than expected. Receivers have been called in but it appears that there is still hope that with further finance, significant value can be extracted. It does however appear to have been a classic avoidable stuff up and a good illustration of the risks involved with mine development.

Unfortunately for us, and as cv8r noted, it looks as though we have a 140 million share overhang above us if RCF VI continue to sell.