CEO earns $305,000 & BPL shareholders get zero?, page-20

MTC tried to spin off their cobalt some reason (to focus on other things? no to cash in), and they promised an in specie distribution, then they reneged on it, then it failed and they canceled it, now MTC have gone to shite.

BPL spun off their cobalt for some reason (to focus on other things? no, to cash in), gave shares to holders, retained some, and now what has all this bullshite been? I mean, compare this horseshite to the normal thing to do which would have been to develop the resource that they discovered, like what most mining companies do, they explore, they discover, they release the study, then they either develop it or sit on it for awhile before selling the resource to a bigger company.

Instead, they have "spun it off" to cash in on the cobalt hype boom before they have even released the study on the defined resource. Maybe they work on it until they have defined it and now need finance and don't want to dilute their main company so they can spin it off 100% entirely no royalties no specific elements only as that will only complicate financing agreements. And they can retain a shareholding only, like what ATLAS IRON did when they discovered lithium but weren't able to develop it, they spun it off into PILBARA MINERALS and the CEO jumped ship into the new entity and new CEO stepped in to keep the old iron mine in production and it stayed in production until Gina bought it.

No, instead BPL have just made a huge mess of everything, spinning it off into COB, but having all these bullshite if-this-then-that clauses in the contract as some kind of JV even though none of the companies had the money required to develop it (usually a JV is between a minor with a resource and a major with the funds and experience, not between a minor and their newborn spinoff, wtf????), and now this legal shitefight instead of any actual meaningful progress. This entire story just reeks of amateurism. What if the resource itself turns out to be a joke? I mean it is hard enough for a small company with multiple resources to succeed look what is happening at AUZ. How did this "this much to COB this much to BPL" conditional dividing of ownership help most efficiently actualize shareholder value, considering that the entire resource was all theirs initially anyway? How is it that this was the best way of going about things? And if this way is the best / only way to do it why doesn't every other company do this? No other company that I've ever done contract work for has done it this way, most of them get bought out by a major entirely and just become a different site within a larger corporation. Some of them go it alone and develop it themselves with loans from various sources. Some sit on a JORC defined resource for a few years with dreams of finding finance and are either still doing that, or have since sold the resource to a company already operating same commodity mines as where for them to move onto in a decades time when their current mine runs end of life.

This COB / BPL thing is just bullcrap. Either in house it or set it free, use the dunny or get off it.