BCC has played this very well by the looks of it. With their...

BCC has played this very well by the looks of it. With their shares escrowed for another 5 months they haven't purchased any further shares to take up that seat on the board which was dangled in front of them. Sellers both on and off market were asking too much, wanting a quick profit at their expense.

It was in their interest to wait until we expended all of our resources and for the shareprice to sink this low on the back of very risky exploration. Now if they want a seat perhaps we will issue them with new shares at a very low price so that we may raise capital to continue as an entity. No on market buying for them, perhaps it was perceived as insulting to force them to pay inflated prices on market or from private holders off market to gain a seat in the Board. Perhaps for such an important cornerstone investor, a direct issue of shares at a negotiated price would have been appropriate.

From announcements, we are negotiating with BCC for a hoped for project level equity investment. Allegedly among other potential buyers as well, phantoms every one of them.

This equity investment has since become communicated to us more as a sell down. They want to own the lithium project, or a slice of it, independently of their ownership share of MTC. perhaps they have encouraged MTC to shift it's focus to the cobalt properties and expend all our cash, leaving Cancet idle without further drilling conducted. In the process we appear to have breached our agreement with them to spend their 1.8m on a scoping study at Cancet. What advantage might that give them in negotiations?

Currently, with MTC's performance and track record it may be difficult to secure further investors, leaving BCC, if they are still interested, in the box seat to buy more.

They can increase their ownership of the company for a song, taking up that seat on the BoD, increasing their voting power and control, by participating in a capital raising which may othwerwise not attract much interest.

That would then aid in project level sell down discussions with whichever entity, likely Chinese in my opinion, has been chosen to be the bidder.

And BCC would hold a significant level of ownership and control over whatever portion is left in mtc's hands after selling an interest in Cancet.

This would in effect leave majority ownership of that lithium deposit in Chinese hands by the look of it.

BCC has played this very well in this scenario in my opinion. But we did try to play them first, attempting to force them to buy on and off market at inflated prices if they wanted a seat. This would have sent the shareprice right up, triggering performance bonuses to be paid, so it was in our Boards interests, but not BCC's.

How will it play out now? Are we in for a long waiting game or do we want the drills to start turning at Cancet again?

BCC know what they are doing, they played well, it's impressive. How aligned are their interests with ours going forward now?