[ATTACH] Don't be so hard on yourself just yet... your bet is...

Don't be so hard on yourself just yet... your bet is still alive on the chi-x exchange


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@Greatwhite


For negatives I would look at this post on the BAR thread about how many view CNJ management:
http://hotcopper.com.au/threads/seriously.2885823/page-85?post_id=19564763#.V_BxtfArKaE

"Zero under this ownership structure. Unfortunately CNJ directors are only concerned keeping enough money in the company to pay salaries and what's more unfortunate is they hold the management card in the JV.

Remember this deposit was around when Co price was $50/lb and still not put into production.

Now the price has started to run up again what's been done? CNJ directors have converted a heap of unpaid director fees into shares at 0.8c which makes them now the most expensive director fees on the planet. They raised another $600k only when the SP was flying only to spend it on administration. At least they got a pretty new website to waive the for sale flag."

I provided a response a few posts later:

"In fairness to the CNJ directors consider the following:

*The 4th Quarter expenses report consisted of 6 months worth of expenses which included retiring debt and payments for additional tenements.
*CNJ directors converted unpaid loans/fees to shares last year.When they converted the share price had traded around 1 cent for close to 3 years. This happened before the "price run up" this year. It was not just director fee's, many of them had loaned the company money to keep it going during the mining down turn.
Obviously these shares are only going to provide a return for them *if* they advance the resource. Personally I would rather have additional shares in the hands of the directors rather then a capital raising to settle the debt. I agree this is not ideal but a lot better then the outcome of other mining companies.

*Know that in the latest annual report director fee's have decreased to $15,000 and the MD receives $47,000 per annum.
*Can you name a cobalt project that did get off the ground when Cobalt was trading at $50/lb? CLQ's Syerston resource had a feasibility study completed at that time and was much more advanced/defined then Mt Thirsty was yet was neglected. The same goes for Formation Metals and Fortune Minerals. There is a big difference between uncertainty in the Democratic Republic of the Congo causing a temporary price increase and unprecedented increasing demand for Cobalt from the adaption of Electric Vehicles.


The statement that they have spent the $600k capital raising money on administration is incorrect. Refer to the Annual report and note that they have $400k cash at the end of June 2016."