MTJV Phase 1 and Phase 2 Drilling Programs - Situation Analysis, page-102

One long term director resigned recently without replacement .... good riddance I say.

Long term CFO/secretary resigns and again good riddance but being replaced with somebody who works for 1,000,000 options that will cost $25,000 if exercised and no wage at this time.

We know that a public company in Australia must have at least 3 directors and a secretary. Two directors must must live in Australia also the secretary (if one) must live in Australia.

So we now have four directors to pay (maybe TAJ is on performance shares) and as far as we know we have geos on the payroll.

Oh dear, we need a raise.

I reckon Mt Thirsty is worth holding until the world recovers from covid, the war in Ukraine ceasing and manages a looming recession.

I think management are relying on spinning off some Greenland assets maybe Mestersvigs' 10 holes may pave the way for infill drilling financed by an IPO if results are good. I wonder if the company has confidence in receiving good assays. That may explain why a raise hasn't been attempted.

There is also the mystery Pyramid target that drilling was abandoned because of unstable drilling conditions (I believe). However bags samples were taken and I am not sure if as much of the core was also taken to be logged off site in Portugal.

Just some of my thoughts.

VB tonight.