Ann: Placement to Fund Exploration while progressing JV DD, page-12

I think updated PEA NPV is important but ultimately the decision by Lanqi to proceed with JV is what matters. If it proceeds then that NPV starts to become meaningful from a valuation perspective. If it doesn't proceed then it will put a big asterisk next to NPV.

I think JV is more likely to proceed then not, with expected value far higher if it does and 0-0.1 cents if doesn't, and on that basis have bought in, noting there is a chance of losing everything here.

I think it's a great project with competent and committed management. I previously held on that basis before being stopped out, learning from this and other exploration losses I experienced that I have no expertise and only should invest when there is a clear pathway to financing and production. MRQ isn't there yet, but could be in a few months at which point Lanqi are prepared to pay 0.4c per share to raise what will hopefully be the last raise for a long time.

That being said I don't really understand that last raise with the explanation given not very compelling. Why couldn't they have waited a few months for expected Lanqi capital injection to fund exploration? They had more than 2 quarters of cash according to last 4c, so it wasn't time critical and has arguably depressed the share price as those who got issued shares at 0.25c can get a very quick and easy 20% profit at 0.3 cents. One explanation I can think of was MRQ management were hedging against Lanqi not proceeding and share price tanking down further, wanted to signal to Lanqi that MRQ can access funding to stay afloat long enough to seek out other JV partners if Lanqi may have thought they could not proceed on basis MRQ could go into administration.