Can someone help me understand?
Hello - I'm new to this board and to IVN. IVN has been on my radar for about a year. I started accumulating a position earlier this week. I've done a great deal of research and something doesn't seem to add up. 1) NAV of $4 billion across 3 projects 2) Financing deal to begin extracting some of this value with a large Chinese miner. 3) Virtually no debt ($21M on the books) 4) The largest reserved of high grade copper, platinum, zinc, etc 5) Solid management team The only risks I see are: a) downward pressure in metals with currency going up, China slowing down, etc....so long term pressure on metals (but supply take out on the horizon in copper as cash costs make it unprofitable for some majors to keep producing)..which should stabilize prices. b) Political risk with Congo around Kamoa - but relatively manageable c) They have to raise additional capital in a tough metals market - but given the value proposition - manageable. That all being said - I just averaged $0.69 for a company well worth over $4.00 by my calculations with virtually zero debt (so they can ride this out into perpetuity until metals recover).... Is this too good to be true? What am I missing here? Why is this selling for $0.70?