In page 11, it says:
The Company appreciates that exploration funding for the new projects will need to be diverted from the exploration budget that was listed in the prospectus should the Company proceed with these acquisitions. The Company considers these acquisitions to be complimentary to the Company’s existing projects and in no way divert the Company’s exploration focus away from its existing stated objectives.
However, unless further funds are raised, the Company expects that the above funds will be diverted from the Mt Monger and East Laverton projects (Relevant Projects). The Company intends to continue to hold the Relevant Projects but is currently limited in the way it can applyfunds to the Relevant Projects due to operational considerations, assay turnaround times and tenements that are not yet granted. The Board stated as one of its stated objectives in the prospectus was to take advantage of new opportunities and we believe that these acquisitionswill add shareholder value.
It makes me think that, is MTM now planning to use the fund from the Mt Monger (gold) and East Laverton (REE) for the new projects? What does it mean to the Relevant Projects (put on hold?), or a CR is coming for more fund?
The REE result has been delayed and in the latest Quarterly, it says result shall be received in Q1 2022. I'm not sure if the new acquisitions are are a result of the (potentially) poor/not as good as expected results of the relevant projects, and now has to acquire new tenements to shift the focus now?
(20min delay)