Ann: Yerrida Cobalt Project Drilling to Commence, page-40

I know investors are disappointed with the SP. however a few things worth noting:

1. Active MOUs are in place with major players like Minmetals (twice the size of BHP) and CNFC - another giant.
2. North American zinc interest has put its money where its mouth is vis a vis the latest placement.
3. The gist of points one and two above is that zinc professionals who have looked at Admiral Bay closely - many in the data room, have voted with their pockets and are backing MCT. (yes, Minmetals has an active MOU that is being worked on and not just "paper".) To me, that is a vote of confidence in a "when" rather than "if" we move to the next step.
4. The team has been active to ensure that as part of its portfolio it is covering sort term zinc, Lithium and Cobalt. That makes sense I would have thought especially as Matt and the team negotiate good deals and the company needs short term opportunities as well as ling term ones. There has been activity and yes, we have been unlucky with the last few drills - well that's life as an explorer. The key is to continue and expose to good risk/reward projects.

If we didn't have the likes of Minmetals, CNFC and Canadian Funds backing MCT, then that may be cause for concern...but that isn't the case. The question to ask as investors is whether the risk/reward at this market cap given the projects in play are favourable.