start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

I say things on Twitter


International PBX Ventures (PBX.v): What idiot paid up for this stock at the bell today?

So Intl PBX (PBX.v) publishes its 43-101 PEA today and the stock rises 25% at the bell.

WTF? Why do people pay for this kind of crap? Bother to actually read the press release (let alone the report itself) and you'll notice subtle little signs that point to just how much of a dog this thing really is. Nearly $800m capex for a 0.11% Cu deposit? U$2.80/lb copper before it goes NPV positive (at 5% discount)? You don't even need to know mine modelling in depth, just a fair inkling of how these things work would be enough to slap the label "utter dog" on this project.

For sure, it may one day become a mine. But first we'll need to see $4/lb copper and second we'll need to see about 80 other projects with far more robust numbers become working mines. And hell needs to freeze over, too.

UPDATE post bell: LOL! It gets worserer and worserer.