Jindalee resources has got to be the epitome of a company whereby management tick off days and collect their salaries. Through 'consultancy fees' and salaries, the main two directors receive between $105 and $150k each per year.
There has been only 20 announcements in 2 years with the only price sensitive announcements being the quarterlies (they have to be). Apart from a couple of investments letting other companies do the work, there has been virtually no exploration or actual drilling, no acquisitions....in fact reading the reports from two years ago, a lot is just cut and paste. Here is an example.
From the June 2013 quarterly....
'At 30 June 2013 Jindalee held cash and shares worth approximately $9.0M, including $5.7M in cash. These assets, combined with our tight capital structure (34.8M shares on issue) provide a strong base for leverage into new opportunities.
The acquisition of projects with the potential to transform the Company continues to be our ongoing primary focus. A number of advanced project opportunities, situated both within Australia and in mining friendly overseas countries were examined during the quarter but none passed Jindalee’s strict investment criteria.
The ongoing deterioration in the resources sector is resulting in a significant improvement in the quality of projects becoming available, further increasing the prospect of acquiring a meaningful project on favourable terms in the near future.'
Two years later, from the April 2015 quarterly,
'At 31 March 2015, Jindalee held liquid assets (cash and shares) worth approximately $6.9M, including $4.8M in cash. These assets, combined with our tight capital structure (34.8M shares on issue); provide a strong base for leverage into new opportunities.
The acquisition of projects with the potential to transform the Company continues to be our ongoing primary focus. Throughout the quarter, further advanced project opportunities, situated both within Australia and in mining friendly overseas countries were examined, but none passed Jindalee’s strict investment criteria.
The ongoing deterioration in the resources sector (at 31 December 2014 approximately 70% of ASX listed explorers held less than $2 million) has yielded a significant improvement in the quality of projects becoming available, further increasing the prospect of acquiring a meaningful project on favourable terms in the near future.'
The irony is, in a year or two's time, unless they sell some of their investments, JRL will join the 70% with less than $2 mill in cash.....
Milesy
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