JRV Cobalt, page-588

Although I share the basic view that @Noddie outlines, with a reasonably comparable investment outcome, I must say the dynamics of JVR today are quite different from 6 or 7 years ago when we had the last massive bull run.

Today's business is a collection of operations that chew up cash flow and are entirely dependant on the cobalt/nickel price complex.

In the mid 20teens, the company was licence rich and cash lite, looking for direction that Duncan P was never going to provide.

I am a little more circumspect today with Bryce's serious financial mis-steps taking the business outside of its own control. We now have debt, incomplete start up capital, negative cash flow and a very soft commodity market that leaves us stranded, and in need or either US government support, a strong joint venture partner or both.

Whilst I remain hopeful commodity prices will recover and Finland becomes cash flow positive, neither of these are in the bag.

Yes, "fortune favours the brave", but I cannot help feeling JRV now needs some dumb luck as well. My sentiment has now changed from buy to none as uncertainty increases.

Time will reveal all.

GLTASH