I don't posses Chiller's (and others') deep knowledge of Kogi...

I don't posses Chiller's (and others') deep knowledge of Kogi Iron's long history but from what I have seen I reckon Chiller's charts show a strong correlation between share price and company performance - or lack thereof. The collapse (some might suggest sabotage?) of Martin Wood's cornerstone investor deal was probably the beginning of the long slide. Then as it took longer and longer for objectives to be met - and the absence of exciting breakthroughs with the process technology and market demand - the slide continued, right up until the release of the feasibility study last December.

In my opinion, the feasibility study confirmed what I thought had been obvious for quite a while. My analysis - and I am still waiting for someone to prove I am wrong - suggested the market value of the Agbaja project once completed is less than the capex required to build it. In my opinion, that is not a ringing endorsement for any project.

Finally, the Diversified Minerals Holdings funding package hangs over Kogi Iron like a big black cloud, such is its potential dilutionary effect at current share prices. Perhaps the company had no choice but to deal with DMH last year but the ongoing impact on the share price cannot be helping.

Could new management turn the company around? I rather doubt it unless - as I suggested some time ago - a new team can double the forecast Agbaja cash flow whilst halving its capex. In my opinion the likelihood of that happening is zero.