Ann: Entitlement Offer to Raise up to $1.5 Million, page-26

This is going to come across as overly negative, but its just my take aways having watched MHC for several years now (on and off).

MHC was all gold…until it wasn’t. Pre-2022 the primary focus was on New Bendigo, this is what originally sparked my interest coming out of the Awati Resources acquisition, the Tibooburra project does have potential for a plus-million ounce gold discovery imo.
Granted this isn’t an easy system to explore, turbidite hosted structurally controlled gold with minimal dispersion halos means understanding the geology and controlling structures is critical. It would still be a difficult project for the astute ExCo’s to get their heads around, but that’s where the opportunity lies. Unfortunately, in the intervening time MHC have shown to be woefully inept at even to most basic of exploration strategy and execution (imo), so even if they do decide to go back to New Bendigo now – for me I would have little confidence in their ability to explore effectively. I still think that’s the best direction they could take with what limited capital they have, but I won’t hold my breath and I don’t see anything new(?) on website re the gold, could be wrong but it looks like the info that’s always been up.

The lithium takes front and centre because that’s the direction MHC decided to take… tbh it’s the biggest mistake they’ve made in recent years. They have dived headfirst into the lithium-hype, in doing so, changed the company direction without really having a suitable backup plan or fallback. Again, that in itself might have been okay…for the right opportunity.
However, as we’ve seen a regional exploration play in Nova Scotia, with questionable land access, that currently hangs off nearology from the nearby undeveloped Brazil Lake spodumene deposit, clearly hasn’t been the must have project. Plenty of people voiced concerns when this pivot was first announced. Appointed a local General Manager in Mr Paul Smith…lasted a bit over a year.

Pick whatever metric you want, Li-spod, carbonate or hydroxide con price, they show a similar pattern. Above is just the Li-Carb over the last few years to highlight that MHC jumped onto the train literally as it was about to de-rail.
Okay, hindsight and all that, you might argue how was MHC supposed to pick the collapse of the lithium price? Fair enough but the point is, if they had preserved the little capital they had instead of pivoting overseas to try and chase a ‘quick-win’ then MHC would be in better shape than it currently is.
Alternatively, IF they truly believed that lithium was the key, then was the Chebogue Lithium Project in Nova Scotia really the best offer and what level of due diligence was done to figure out a pathway to drilling.
Mostly backward reflecting i know...but the past doesn't inspire confidence in the future.

Anyway best of luck if you decide to top up...