Ann: Admiral Bay Project to Seek Listing on TSX-V, page-56

Agree on tough market but it can create buying opportunity for the longs that can carve out positions on the extremely rare explorers that have development conviction as you mentioned. imo it is a shrewd move by mgmt. to move MCT's AB o/seas under the proposed structure. Whilst it is unfortunate for Australia this is 'how it is'. Australia seem to sell off any significant oil & gas, minerals, infrastructure, land etc. and North America & China both seem to want in so I am selfishly backing the move... Also mgmt. have skin in the game. This is important for me. They will want a significant return on investment.

The zinc market looks like it will be able to sustain a medium to longer term positive outlook with markets indicating a demand across multiple segments. It has taken a long time for zinc to get to a good price which makes AB and the like more palatable for the upfront investment..

I am slowly building a position and enjoying the low volume retail sell offs. In my view cobalt, lithium and Napier assets are a bonus at moment and any upside is a bonus. I believe Napier can be funded in-house and hopefully some good strike in June quarter come out.

If anyone wanted a significant position on market they would not be able to at these levels so will have to wait and see how the story unravels but believe it could be a genuine multi-bagger if the stars align.