"With the proceeds from the Q2 2016 financing, the Company will begin surface and underground drilling programs in the fourth quarter."
Between 2011 and 2016, IPT returned a mine operating profit of $14.687m. But then $9.023m of that has gone to EGD, the major cause behind the mine operating profit turning into an overall operating loss over the period (not to mention the net loss). Put another way, in the two “good years” of 2011 and 2012, IPT returned Mine Operating Profits of nearly $17m ($12.9m in 2011, just over $4m in 2012). It was after the big positive results in 2011 that the big money was spent by IPT with Energold, those $8.3m in drilling bills. It’s fair to say that EGD has benefitted far more from operations at IPT’s mines than its shareholders. But that may just be a coincidence, of course.