CZA and UNV, page-4

I'm no accountant, but they had like $220million cash and a market cap of c. 500M when I originally bought in (been in and out and averaged down a lot since) and raised a lot of additional cash multiple times since (notably at huge premiums to the SP at the time) so management have regrettably spent significant amounts of shareholder dollars over the years getting to the current position of holding a tier 1 and 2 tier asset, an unproductive thermal mine and some good exploration tenements; but no producing mine.

Most would argue they squandered our money, myself included, but the next couple years could be a turning point and hopefully the company will start earning back some of their shareholders equity. As such, very cheap for those entering now....but definitely not without risk.