we had ppl interested with “term sheets by Xmas” as per MQ at...

we had ppl interested with “term sheets by Xmas” as per MQ at webinar after securing Toll agreement in Sep/Oct last yr. Since then, it’s been 11 months & cap raise at 1.4 for 10% company dilution followed by another 4% dilution on the recent facility use. Hard to know if the supposed offers on table right now are worth the 8 month delay & 14% company dilution.

still long but stating facts. Too many ppl live in dreamland with billion $ expectations when sadly the last 2+ yrs have seen CRs & delays. We had 1 scooping study followed by 3 DFS for Qala shallows alone (in the interim there’s been a carrot with Uranium for which they raised $ & P200 studies thrown in).

great potential with the asset, but don’t like how badly the raises have occurred & heavy dilution along the way.
1.8c for $15m mcap in 2020, 1.8c for about 40m mcap right now.

if it wasn’t for MQ’s own holding & adding in > 100k at 3c issue + 30k at 1.4c spp & a few drip buys along the way at 1.7-1.9, many would’ve given up.

hopefully for most long term holders, it eventually pays off handsomely. But will have resistance at each level with so many ppl under water.