Does anyone know where the selling is coming from?
Can we only assume they are flogging it to participate in the capital raising?
I doubt it's Sentient, Columbia, management, other insto's <5%... so it bemuses me as to who is selling and why?
Ridiculous time to be selling this story, now that the PFS for stage 1 has the tick of approval (annd is 2.4mtpa better than we expected), even in light of a placement there are still many catalysts in the short term that will drive the price: - Continued reserve upgrades - Project development partner announced - Off-take agreement - BFS for stage 1 - PFS stage 2 (>20mtpa)
This is a good long term story that is being severely knocked around by il-liquidity in a poor market.
Reasons to own IRD: - Iron ore story is still strong even when iron ore prices pull back to long term averages - project could potentially produce >20mtpa - Great management team (proven) - Very good registry: Sentient ~29.5% (were largest shareholders in QGC, Andean etc), Management >10%, Columbia University (NYC) ~5.4%, I am led to believe another Ivy league US university is sitting just below the 5% threshold.
IRD Price at posting:
90.0¢ Sentiment: LT Buy Disclosure: Held
