Ann: Cape Lambert Directs Focus to the Marampa Iron Ore Project, page-14

According to the Quarterly announcement at the end of 2016, just prior to the Kipushi deal, there were 720,686,586 shares on the market and 3.1M in cash reserves.

The "lack of dilution and dividends" the shareholders has seen the shares increase to 1,019,927,757 (40% dilutand the bank balance at 209K (last quarterly), of which most is debt finance to the tune of 750K. Now it is expected that there is a risk involved with any stock, however I believe that this level of share and value dilution is well beyond what someone could reasonably be expected from the communications that have been provided to the market.

The market was always positioned that financing was easy due to 'extreme interest' and the price of Cobalt has been down for a long time now. To see TS blame everyone but his own ability to deliver is a bitter pill to swallow even for me who has written off this stock.