Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-51

MAN does not own the copper yet - taking their time to ensurer there are no roadblocks - that's good management IMO.

I have been known to criticize management of my stocks on occasions, I recall one which was run by 'Pirate P...' and we openly called him that. But in most cases it is not correct and usually not productive.
Certainly IMO we should not blame MAN's management for lack of results at the Julimar lookalike - in fact they raised 20m and found the tenements there were barren while preserving 18m for other projects. I rate that GOOD.

But now let's see what they do if they exercise the option (highly likely) and have an outstanding copper play to develop.

And yes @allatsea another project would appeal, in battery metals or other critical element space and in Australia.
Li you say? OK to that - maybe hard to beat a CLEAN graphite play. Virtually all graphite processing is done in China, because no one can match their price while preserving high environmental values and China's processing to pure coated spherical graphite is very dirty.
So keep a lookout for a graphite deposit with low contaminants, specially metals which must be removed with cyanide (which China dumps in ponds to be accidentally washed away by the next flood).
Auto companies are hugely price sensitive, but as battery manufacturing costs decline and performance metrics increase there will be more money to buy clean raw materials - after all isn't that the reason for EVs in the first place.

Just IMO always DYOR.