Ann: Chairman's Address to Shareholders, page-68

As much as I’m disgusted with where mtc is at and the performance of management, I think the company is very undervalued with its current MC of ~$3million

With about $2 million in cash/pending rebates.... there is pretty much Zero value put on all our projects/cow pastures (depends how you want to look at it)
Surely Kapiwak,Cancet and Terre Des Montagna would have some sort of value for their “potential”.
hopefully this is the bottom... but who bloody knows, confidence in the company is completely shot..so could go lower I suppose.

All in my very honest opinion