Yes, interesting how in their cap structure on slide 3 they...

Yes, interesting how in their cap structure on slide 3 they don't mention their cash position and use an undiluted market cap.
They are definitely cum-raise IMHO and the quarterly should only confirm that.
On the surface the preso looks good - grandiose plans and prospective tenements.
And although their landholding does have virtue, they have no way of achieving their aims without plenty of moula.
At the moment, they don't even seem to have enough money to update their map from slide 5 to accurately reflect the facts on the ground, don't realise how the terrain has changed or don't have the manpower to attend to this - either way, not a good situation for long suffering shareholders.
Unfortunately, the company has a habit of over-promising and under-delivering.
Assuming they're unsuccessful in their takeover for NME, they'll only own 51% of their dirt.
If they are successful, they'll have more confetti around than a wedding arrangement company (in fact, fully diluted, they almost do already).
Add to that a CR and I reckon they'll blow out to closer than 4Bn SOI.
And you know what that means?
Either a roll back or a .1c daytrader special that everyone looks to job for 1/10th of a cent.
Wouldn't be surprised to see the next CR at .8c - the only questions being whether they'll have to throw an oppie in to help get it away and how much they'll have to pay a broker to get it away.
On 3/09 they reported, "The new drilling programme initially planned to incorporate 19 drill holes for a combined circa 2,100 metres of RC and diamond core..."
How much of that programme will be DD? I'd be shocked if it was more than 500m, especially given how they have to preserve cash.
And rest assured that if they have started DD, had they seen something in the core, they'd be shouting it from the rooftops.
I really do like MCT's ground, they simply don't own enough of it and have too many other critical issues that make the stock untouchable for me.