Ivernia Inc IVWFF

RE:Where are the earnings?

[SergeGodin]

You're dreaming, Leadhead.  This stock will never hit $1, never mind get back to the levels of 2010, when lead price was high and some people still had faith that they could actually ship their product for a few quarters without incident.

Some factors you are overlooking:

- Lead price was 20% higher in 2010 than now.  Translate that into half the proft on every shipment now versus then.
- Dilution is more significant.  Roughly 500M shares then, now almost 750M.  Big difference.
- Additional costs of monitoring, compliance, etc. now versus then.  Must add significantly to cash cost per ton.
- Nobody believes that this operation is sustainable.  Their CFO bailed.  Largest institutional shareholder Ingalls has been trying to bale for ages (and is selling every opportunity they get).
- Management have shown that they are incapable of shipping their product safely and without incident.

Did you see the recent news about the buckled container in Fremantle?  Cleverly hidden by Ivernia, but it did make local newspapers (Google it: Rosslyn Hill Mining Container).  If you look at the independent auditor review of transportation and sampling, it looks like they were shut down for a few weeks.  Why did they not come clean about this?  There was  no news release and no communication to shareholders?  Come on!  After what investors have been through, perhaps a little communication and transparency?

Once again it shows that the slightest hiccup puts this whole operation in jeopardy.

How long before the next one that permanently shuts down the mine, or delays operations for another few years (which will essentially put them out of business anyway)?

The odds of this operation being permanently shuttered is far greater than the odds of them ever turining into a sustainable ongoing concern.

I would sell my shares if I could find a buyer but unfortunately it seems nobody is interested.

If we're lucky Enirgi will scoop in and offer us all $0.15 /share to take us all out.  That would be a best-case scenario.

Did you notice how there is not one single senior-level Ivernia person left?  CEO, CFO, everyone gone, and now replaced by Enirgi staff.