Here's the deal as I see it.
The down side:
The other 2 zinc projects have been thrown into the mix. That was not part of the deal before this announcement.
Those projects were acquired as potential short term producers, while waiting on AB to get up and running further down the track.
Now its back to being a greenfields explorer with about $6-7m in the bank.
The up side:
MCT gets the full $8m performance cash over the next 2 years, if the sp is above $1.60, or double the listing price. This will be a handy income stream to advance current projects. If the sp is below $1.60, they still get part of the cash.
The value of MCT's 25m Kimberley shares will be $40m, if the sp doubles, so all up the deal will be worth $52.5m, including the upfront cash, if this happens.
And now the neutral:
MCT plan to acquire other projects. Depending on how much cash or dilution is involved, this could be either positive or negative.
Overall, this will be positive for MCT if it goes ahead. The market is still cautious about the deal getting over the line at this stage. Once the new company lists a rerate will happen imo. Until then we will need to rely on drill results, starting with the cobalt very soon to get the sp up
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