As Inca One (IO.V) is working hard to get its two 50 tpd ball mills up and running before the end of this year, it’s very encouraging to see COO George Moen adding more shares to his portfolio. Moen bought an additional 133,700 shares in October for a total amount of C$20,021, increasing his total position. A C$20k acquisition might not impress you, but keep in mind Moen’s gross salary is just C$5,000 per month, and it’s definitely worth your attention of a C-level executive is spending four times his salary on purchasing more shares.
As his average purchase price per share was roughly C$0.15, you now effectively have the chance to add to your position at a 10% discount to Moen’s purchases. As the company is literally just weeks away from fourfolding its production rate to 100 tonnes per day which should result in a net cash flow from operations of $7.8-9.8M per year, depending on the average head grade of the ore delivered to the mill. The waiting game is almost over, and the strong insider buys are suggesting the management is extremely confident in Inca One’s future. We have also been adding shares and will very likely continue to do so.
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Disclosure: The author holds a long position in Inca One Gold. Inca One also is a sponsor of the website. Please see our disclaimer for current positions.
