Could be they just want the $$ for another project and they are...

Could be they just want the $$ for another project and they are already 4+ bags up so selling. I am in AGY also and airguide, who were their advisors, converted and sold their 20m options in January even though they were saying the company was doing great and saw the SP still had a long way to go but they wanted the $$$ now. Just my opinion but when these advisors get cheap options I don't think they are in for the long term hold. They are happy for a quick profit in a short amount of time. Personally, and this is just IMO, I think they saw the up coming CR as an issue and wanted to get out before the new shares hit the market as they converted the 1st 13m options on the date the SPP closed and the 2nd 6m on the day MEI announced the SPP had been completed.

May I ask if you think the company is not good why you continue to hold?

I am not ramping it as I agree the chart looks ugly but I personally have decided I will hold and see how the drilling goes as I like the new management (great video @jfer3 ), I think the fundamentals are strong, they are cashed up for this drill program at least so no CR this year, the directors remuneration is incented towards SP appreciation and from my research the main reason for the big drop appears to have been this advisor selling their large amount (and 30M shares out of 568m shares total is a big percentage (5.28%)) of options (like what I saw with AGY earlier this year). As I said this is just IMO from my research and if anything I think "the risks involved going forward" are now less than they were before the CR as DR Tunks really seems to be starting to drive MEI and sees the company needs to focus on getting drills running on the cobalt tenements and fast tracking the projects.