MTC's ~Disallowed $1 Research Note, page-39

If they took a straight shot at Cancet alone, the company would be a carbon copy of Sayona but with a 50% higher Li2O grade imo. Year to date SYA's market cap has quadrupled but holders are only sitting on one single bag which is dismal. Cancet's massively higher grade would only exaggerate the wastage to original holders through watered down ownership.

I wouldn't have my money on the line if I believed I was depending on luck, geology tends to be reasonably predictable to fall within an expected range based on surface results, trenching, drill results, and some good old 'near-ology'.

Any investor who has ever heard of MTC doesn't know that Bay Lake and its extensions have had dump material assays of 2.14% Co, 0.11% Cu, 0.48 g/t Au (that's right, GOLD) and 1,740 g/t Ag. Or that a single hole drilled in the 1950's hit 7.95% copper.
This is why, as you say, the price has drifted lower than the IPO.

Most investors (traders) don't hold large enough positions for long enough in microcaps for them to spend hundreds of hours looking closely at a company and historic results. This is why there are companies with higher EV's form their Market Cap than MTC which are pulling ridiculously uneconomic 1-4m at 0.05-0.08% Cobalt intercepts in barren Australian desert.