They had a unique situation funding that expensive full time drilling:
Mr Biddle, Pilbara’s biggest individual shareholder ahead of fellow director John Young with 33.2 million shares now worth $39 million, credits the company’s ability to source cash during those tough years to the reputation of Pilbara’s then chairman, Tony Leibowitz.
“Tony was very well connected in Jewish communities around the world and he was able to raise money for us mainly from people who didn’t know anything about resources,” he said.
“We were able to keep the company funded and keep our foot to the floor on exploration at a time when other companies were pulling their horns in because they were unable to raise money.”
Now that there's that many more battery minerals explorers, it becomes difficult to depend on enough cash flowing in from retail investors at favourable prices. For companies who aren't trading at high premiums the only favourable option is to rely on project investment from partners. Canada is running hot at the moment for this with investment flowing into many TSX listed explorers.
MTC Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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