First off I am doing DD on this stock again. I held some a couple years ago, got lucky and sold I guess? This is a very knowledgeable board especially the DD with KXL. I will apologize now for likely making a "newbie" mistake until I become more familiar with this stock. I wish to make some comments on some observations I have witnessed.

Management:

I tend to agree with some of your concerns. But lets face it options and particularly their pricing is always a touchy subject. Definitely not a KXL issue alone. Its all part of the process so I won't elaborate. Its usually the timing of these that hurt. We are much more tolerant when we are making money. Don't lose site of the fact it is managements goal as well to have a higher SP. What I dislike are companies who report news on a Friday, or even worse in conjunction with holidays. It is a tasteless act that only upsets the most important investors the longs! Even if the news is not too bad it is perceived that Friday PR's is bad news period! In the end the stock usually finds its way down anyway. I respect credibility and accountability.

Oh to be a "fly on the wall" in the board room! It is hard for us to understand management decisions when we don't have the luxury of being provided with ALL available information. They make difficult decisions with the information they have at hand at that given time. What seems like a good idea today can quickly be eroded by the markets in general or shareholders perception (sometimes uniformed). Its hard for us to pass judgment when we just don't have all available information. In KXL's case (simplified) they look over samples and decide on mapping a drilling program and then its an educated guess. You can go from "hero to zero" in a matter of inches. Thats why they call it "exploration", same as they call it "fishing" instead of "catching". lol If you hit it big then financing etc. takes care of itself. Some things are just out of our/managements control. But prudent monetary decisions by management can be the difference between success and failure.

Client/investor emotions:

Its the emotions of fear and greed that cloud our judgment and permit ourselves to make poor investment decisions. Being in the investment industry for many years is a valuable lesson as not only do I have my own emotions I have handled many others. When investors are making money they feel risk is a manageable emotion until the inevitable downturn hits. Greed turns to fear. At that point you have to revisit the reasons you purchased this investment in the first place. Ask yourself, "why did I buy KXL in the first place" and "has anything changed other than the share price"?

Even the longs lose their way, (me with TTM). You focus on the micro areas of your company. Pouring over information trying to get an edge wherever you can. Wondering what went wrong? Likely nothing micro, in fact there is likely nothing really wrong at all. It is likely your expectations of success have hit a bump in the road or were in itself a stretch. In the big picture these bumps come along rather frequently, we don't like them but to avoid the "rubber room" focus on the finish line. What does your company look like in your mind, 2,3,5 years down the road? Can you still get there, and also at that time what do you think the SP will be. My vision for KXL at least price wise is much higher than .46 cents for sure!

If you purchased KXL as a good junior gold prospect then I think you are still on track. Is the company broke, deposit gone, nope. Unless the fundamentals have changed then your investment should not. Its just your time frame for success is going to take a little longer.

BBOB