All we have to do is prove up a viable resource, and we would rocket right past .97 but we haven't been going through the right motions. It is poor decision making and poor risk management that has gotten us into this position, poor judgement and arrogance IMO.
Cancet not being drilled for a full year when we know there is a high grade resource there is folly, pure and simple.
Adina never looked as good as our projects right next to those highly successful mines, it was a poor decision to drill that before aerial magnetic surveys and extensive fieldwork were conducted across the entire portfolio. All in my opinion of course, but we took a huge risk with drilling Adina, while stopping work on Cancet and lost. Why would you drill Adina before doing Aerial surveys at Terre des Montagnes and the entire portfolio? There's nothing exploitable at Adina it appears to me. Surely a good plan would have been to survey everything fully, show us all the results and only then prioritise drilling on the most promising, instead of the apparently worthless Adina.
There has been no sufficient explanation as to why we stopped at Cancet, apparently breaching the agreement with BCC by spending their investment dollars elsewhere. That in itself is enough to justify the current share price, if it was viable we'd prove it, that's the whole idea of the game. That would make the share price go up a lot, then we would raise capital with minimal dilution, that's the way it goes. Stopping work on it indicates there's likely nothing exploitable there to the market. That should have been anticipated.
Risk management is severely neglected at MTC and there is no plan to prove up a resource that I can see. It doesn't feel like proving a resource is a priority, it feels like a financial game but played very badly because the big picture game, proving up resources is not the focus, putting companies together, organising finance and doing things on paper is, shifting ownership of things here and there instead of getting things dug up. The cobalt acquisition and handling of it, from what may well be the world's worst spin-off terms for shareholders proposed, in my opinion and observations, to its exploration, with the management team brought in to handle it leaving the company just after it started, has been a complete debacle in every way IMO.
The Canadian Government should refuse MTC any further leases if applied for because we obviously cannot handle the large number that we have already.
Gino and Russell have a background in finance, as Russell said to me at the AGM, they have much experience in paperwork and convincing people to part with money. We need a miner in charge of the exploration. Tolga Kumova or someone like that. We cannot go on like this. They got a very good portfolio of projects together which has every potential to make something great of MTC but do not appear to me to have what it takes to manage them effectively.
Best case scenario in my opinion is if Tolga Kumova or someone like that offers them a way out when their shares come out of escrow, by buying them out, then IMO they should take it before this company ruins them, which I suspect it might. There will be much scrutiny as there are many disgruntled investors, and I suspect former employees with inside knowledge may number amongst them now too.
It's our money on the line too, not just theirs.
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