TAW vs MTC

TAW: "Significant High-Grade Lithium Discoveries" (2/8/17) see http://bit.ly/2BRXuGP

TAW's Market cap on 7/8/17 was $101.7m (see http://bit.ly/2FAtBe1) and the SP was $0.23-24

TAW: "Mineral Resource Update for Bald Hill Lithium and Tantalum Project" (11/10/17) see http://bit.ly/2oyfwpc

TAW's SP on 12/10/17 was $0.33-36

TAW: "Significant Exploration Results Continue at Bald Hill" (6/12/17) see http://bit.ly/2F56k5T

TAW's SP on 7/12/17 was $0.34-36

What's the point?

The above results were enough to support a MC of $100m+ for TAW

MTC: "Spodumene Rich Pegmatite Intersections Confirmed From Surface at MetalsTech’s Cancet Lithium Project" (4/5/17) see http://bit.ly/2F8lx6m

MTC: "Assays Confirm High Grade Intersections at Cancet" (9/5/17) see http://bit.ly/2EOGHH8

MTC: "Additional High Grade Lithium Intersected at Cancet Project" (30/6/17) see http://bit.ly/2FxKJRA

MTC's Market cap on 12/9/17 was $7.4m (see http://bit.ly/2CKlc4h) and the SP was $0.09-0.10

MTC: "Significant Exploration Target at the Cancet Lithium Project" (9/11/17) see http://bit.ly/2oyVafp

MTC's SP on 10/11/17 was $0.30-0.34

MTC: "Strong Spodumene Modal Estimates at Cancet Lithium Project" (14/11/17) see http://bit.ly/2BPU5Il

MTC's SP on 15/11/17 was $0.26-0.30

MTC: "MetalsTech Hits Additional High-Grade Intersections at Cancet Lithium Project" (19/12/17) see http://bit.ly/2GJCL73

MTC's SP on 20/12/17 was $0.23-25


Very shallow depth, meaning more economical to mine.

"Resource definition drilling planned at Cancet in mid-2018 designed to extend the strike of the mineralised pegmatite zone as well as further define the mineralisation at depth and drill test additional targets identified through the magnetic survey" (19/12/17)

Q: Why the wait for drilling at Cancet and the shift to Adina in the meantime?

A: "The Adina exploration program is on track, we have already commenced preparations.
We chose to delay Cancet so as to be able to gain summer access prior to the next round of drilling. This allows us to complete certain pre-drilling investigations so as to maximise the cost and geological efficiency of the next campaign – this was only recognised as a necessity after we received results of the last drill campaign. This can only be completed when the snow has melted unfortunately. The decision was made easier by the fact that we can complete a solid drill program at Adina over the winter without further summer investigations. We also ideally need either Dynavolt or BCC to complete on their investment in order to drive exploration at both Cancet and Adina as hard as we would like."

Source: http://bit.ly/2HMcnuM
(Bolding is mine)


Compare TAW and MTC:

TAW: "A current Indicated and Inferred lithium Mineral Resource of 18.9 million tonnes at 1.18% Li20, and 149ppm Ta205 at a 0.5% Li20 cut-off for the Project"

Source: http://bit.ly/2ClgsXf (28/11/17)

MTC: "Exploration Target at the Cancet Lithium Project estimated in the range of 15Mt to 25Mt @ 1.0% to 2.0% Li2O and 100ppm to 250 ppm Ta2O5 (refer to ASX announcement dated 9 November 2017)"

Don't forget the Cancet Expansion:

"Project increase of 3,162 hectares east of and along strike of the main strike to 12,746 hectares within a similar geological environment - multiple pegmatite outcrops are evident from satellite imagery (refer to ASX announcement dated 15 November 2017)"

Source: http://bit.ly/2CKgcg9 (31/1/18)

Yes there is a significant difference between an "Indicated and Inferred lithium Mineral Resource" and an "Exploration Target".

Yes there are major differences between the two companies that are not even touched on here. And the above is not at all comprehensive (or necessarily up-to-date/current), it is merely a few drilling results from each company inc. intercepts and assays with references to the MC and SP of each company at particular times. But it may assist some in comparing MTC to what they might consider to be a peer.

I found Peer Comparison on slides 4-5 here very helpful: http://bit.ly/2CKlc4h


In my mind it doesn't matter which way you cut it, MTC is significantly undervalued.

Remember, in addition to Cancet, there is Adina, which I have not even included in the comparison to TAW:

"...100%-owned Adina Lithium Project where the Company has identified an approximate 350m x 2km outcropping pegmatite with high grade lithium mineralisation at surface with assays up to 3.12% Li2O"

Oh, and don't forget the cobalt. (or other lithium targets 100% owned by MTC in the blue-chip jurisdiction known as Canada)

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All of the above is purely personal opinion and speculation and should not be construed as advice. It is incomplete, not comprehensive and may not be accurate. Please do your own research and seek professional advice.