You are yet to post one thing about MRC which is relevant, you seem to be stuck living in the past when MVC was the CEO over 2 years ago.
Since then MVC has sold all of his personal holding and his holding in Zurich bay, he is also well advanced with selling his Simto resources shares. then we have all of MVC associates who have also departed the share registry.
No one here knows the real reason why MVC has gone and many of the directors/board at the time have now left the company.
I personally think MVC failed with his role as CEO where he paid dividends rather than future proofing the company, it also appears he completely failed with the planning of the inlands strands ore body.
After MRC came to their agreement last year with MVC to settle his termination, I honestly thought this would have been the end of the toxic relationship, I was completely wrong with this assessment and completely disgusted in MVC for his action with the Take Over panel. Not taking up one share in the entitlement is the lowest move I have ever seen by any individual and a direct strike at all shareholders where it appeared to be an intentional attack against the company. MVC really needs to move on, he is meant to be a CEO of another ASX listed company, not a child throwing out his toys about something that happened 2 years ago.
What I do know, MVC has found MRC some fantastic projects, Skaland is now operating as a profitable graphite mine, it is one of two operating graphite mines in Europe with an expected boom of graphite demand over the next 2-7 years. Skaland and MRC have also attracted Mitsubishi who is still working with MRC on testing our anode material. Tormin is another fantastic project, where the beaches are replenished from tidal activity and if the Inland strands weren't a complete failure with processing, MRC would have most likely would have continued its SP gains with the significant increase with Garnet, Ilmenite prices.
MRC is finally well funded having $10-11mil in the bank, which will allow for the company to finish the commissioning of the inland strands production circuit and move to increasing the companies annual production, this time next year MRC are looking at being in a position to sell finished products which again will increase the companies profit margins and provide protection for any loss of grade.
MRC has commenced the drilling at De Punt, that has a 13km strike which could add significant years of production to the inland strands existing 20-30km ore body.
MRC is also likely to gain the EPA approval for its Graphite project in Western Australia, Named one of Australia's critical minerals projects.
I honestly think MRC is one of the most undervalued stocks on the ASX. The biggest risk I see is MVC selling his holding and the risks associated with processing the inland strands mineralisation.
I keep saying it, once MVC runs out of shares to sell, all of MRC shareholders will be in a better position. I look forward to the day when He is not longer a shareholder and we can enjoy the rerate to the companies true value, it will be a better sweet day for many when this occurs and I hope MVC doesn't regret his actions and the money he has cost himself when the rerate occurs.
MRC Price at posting:
6.6¢ Sentiment: Buy Disclosure: Held
(20min delay)