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28/09/17
09:56
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Originally posted by share_time
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Well Tubber, congratulations, you being the genius that you are answered your own question.
"Exactly how much has that been over the last 2 years, on the purported largest mineral system ever discovered?"
Well my best guess would be "almost $500k "
Short of taking a pay cut, which wont happen and shouldn't as I believe management are fairly remunerated, I much prefer to defer payments as Jeff has done.
It speaks volumes for his confidence in the direction we are heading.
If these drill holes don't hit pay, Jeff may find himself having a little trouble getting that paid out. It's either a complete gamble on his behalf or an indication of his confidence in the ground we have and the ability to raise funds or issue shares in the future to cover these liabilities.
"Mr Mckenzie has requested only $72,000 of the fees due be paid to him , to assist the company to utilise its cash on its exploration programme. Refer to note 6(a) for further details."
"(a) $479,863 is payable to Jeff McKenzie (2016: $412,186) in relation to management fees."
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So you haven't read the report in detail then, $36k in exploration over 2 years, $1.1m in admin and nearly $100k in legal costs, i suppose you don't need to explore when you know you have the biggest and best....
Tubber