$5.5 million management cost

Is that figure a little high for the work being done?
5.5 million dollars equivalent for management.
I thought if I purchased shares in JRV I would get exposure to cobalt but my calculations don’t stack up.
Profit after tax of $135 million Canadian divided by 224 million multiplied by 4.75% is just under 3 cents/share. @ 4 shares is just over 11 cents as the cost of an e cobalt is 78cents.
11 cents earnings via JRV in comparison to 81 cents with a direct investment. 160 million shares divided by $135 million dollars.
Is the rest of JRV worth the other 70 cents payout received from a direct investment. It doesn’t look right to me.
Management have received $5.5 million payments for 2017 YET the e cobalt investment is going to earn $6.2 million/year.....there is not much left for shareholders.
Why should I invest in JRV is the question I would like the shareholders on this platform to answer.