In fairness to the CNJ directors consider the following: *The...

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.

Having spoke to a director recently I am comfortable and excited about the near term developments for the Mt Thirsty project.