It's almost as though there's a hostile relationship between the...

It's almost as though there's a hostile relationship between the BoD, other MTC shareholders and the wider market.

It's worse than poor communication, it really feels like contempt. Instead of business partners are we all perceived as adversaries?

A lot isn't adding up. If the cobalt spin off proposal had been fair to shareholders and increased the value of our holdings, then it would have gone through without a hiccup.

Now we are apparently told that we can't afford to drill for both lithium and cobalt, something has to go. So we are going slow on lithium, maybe selling it off.

Then we have the MD, allegedly in an email, saying that BCC's funds were not project specific, although the Deed of Novation certainly suggests otherwise. That doesn't add up.

Two Directors resigned from executive roles, including the Chairman, incurring a significant drop in pay, just after pulling the vote for the cobalt is spin off. What are the odds that there was a bit of a disagreement between significant holders over that? Doubt it would have passed a vote. Then there were a lot of abstaintions over the Chairman's performance rights at the GM.

So the cobalt we picked up when we were supposed to be drilling lithium last year has been a debacle. Hope there's a good deposit there or it killed the lithium exploration for nothing. Why on Earth it wasn't spun off with a discounted priority offer for shareholders is almost beyond me, very tight control over who was going to be offered shares in the placement was being sought. That is what has brought us to the position where now we can't even afford to drill for lithium IMO.

So, we are seeking to transfer value from the company, purportedly in the form of a sell down of lithium assets, which will return value to us in allowing us to start drilling for lithium again, because now we cannot afford it. Therefore any negotiations are unlikley to be from a perceived position of strength

Or the Board is beginning to play hardball with shareholders who weren't happy over the cobalt spin-off proposal. Will it be revisited and put up for another vote? It's drill for one or the other, not both?

Games are being played? BCC surely can't be impressed.

8c and up to $15k worth each, BPL shareholders were offered COB shares at. Discounted from 20c for their priority offer. Plus an in specie distribution and options. And BPL retained partial ownership of the cobalt. They all made a motza. That is how you ensure shareholders retain the value of their shareholding when spinning something off. That is how you run a successful spin off, a successful company with happy shareholders one and all. MTC is not such a success, the spin-off was a failure. Shareholders are not happy and our shares are not worth what they once were. And we can't continue with our core business as a lithium explorer currently, apparently.

Animosity between shareholders appears to be a recurring theme with our founders. They have that in spades over at Atrum Coal. Whether contempt for other shareholders could be a driver of this animosity or is a result of it I don't know, but I'm perceiving it here at MTC as well. It's in the communication. Plans that never happen, information that is not passed on, perhaps even sometimes potentially in breach of the legal Duty of Continuous Disclosure of Company Directors.

It's a farce, one thing seems to be constant however, something of value is to be transferred out of the company soon. It would be great if this is done in a way that increases value in allowing us to drill without dilution. That would benefit us all, unlike the terms of the cancelled cobalt spin off which would now have been owned by a very tightly controlled group of people, hand selected by management.


It's almost like we're being punished for not bending over.