16.5c Target Punters, page-19

Hello again folks,

FYI, the following exploration blocks EL's are granted:



Interestingly however are the ones we don't know about yet - the ones under application.

Express (now MTA) owns a portfolio of exploration licenses (5 granted and numerous under application) throughout Mozambique. Express believes the majority of land holding, both granted and under application, is significantly underexplored with minimal modern day exploration performed. Approximately 50% of the licence applications were lodged over 12 months ago and the Company expects these to be granted over the next 6 months. The remaining licence applications are expected to grant over the following 12 months. Reference.





SYR MC = $731 million
TON MC = $141 million
MTA MC = $11 million

MTA offers by far probably the best leverage play I've seen in years.