MCT now holds + 31% of NME. The next news I am waiting is...

MCT now holds + 31% of NME. The next news I am waiting is quarterly reports from NME and MCT which are due by end of the month.

MCT reported from the previous report that they hold approx. 2.8M cash. Based on outgoings estimation, it expected to last approx. 2 qtr. However since MCT has finalised drilling program by Nov 2021, I guess outgoing should be adjusted now which will give some more buffer to company. If company needs CR sooner then I think company cannot delay MRE announcement but in my opinion company will not seek CR in any time sooner.

NME, honestly saying I won't be surprised if they cannot meet the reporting due date this time again and going into another TH, if they want to CR? I don't think it will be an easy job as BOD needs to get an approval from SHs including MCT and there will be no benefit for SH.

Side topic but If NME wants to loan additional funds from director's another business then they may can but they will see some SH moves to MCT which is good for MCT regardless MCT keep wants to TO or not. If MCT wants to keep TO offer, there has certain condition in regards to NME's debt that MCT will pay after the TO completion. If MCT withdraw TO offer then I think MCT and NME will release MRE asap and lease mining rights for cash up which will be spent on JV eventually, in this case depends on the timing of MRE release but I think CR will be inevitable for MCT.

I think TO is in NME's hand however MCT is in advanced position from all aspects, TO is for the mutual benefit (Maybe MCT will get more benefit?) however MCT can survive without TO but NME I am not sure based on their current financial position. So In my opinion plan c is that MCT withdraw TO offer then keep drilling as what company done in past, it will be less efficient for sure but not the worst as long as they can find gold.

All my opinion only and DYOR.