MAT's shareprice is moving because they have another tenement ( 100% MAT and along strike) within 2km's of SIR's nickel-copper discovery! They also have $14 million in the bank to fully fund their exploration activities. If MAT do happen to hit pay dirt on any of the TON JV tenements then yes we are fully free carried at no expense to longterm shareholders or any further unnecessary dilution to raise further funds for costly exploration and capex. Most of the minerals that SIR have hit so far are at depth and will cost a motza to mine and bring to market with little or no infrastructure in the region at present. All the hype surrounding SIR doesn't mention much about that though! Management didn't take the decision lightly and have obviously looked at all aspects before not only entering this JV with MAT, but recently further expanding and strengthening it!
I for one am glad to see the company focus on it's new Graphite tenements in Africa, which i feel will be approved in October. We await SYR's first assay results for further confirmation of what we may have next to Balama!
The fact that management have allowed MAT to JV up to 90% of the Fraser Range tenements in WA means that they see far greater value in pursuing the Graphite tenements in Africa as the best longterm value for us shareholders IMO!
Will you be complaining about the shareprice in 6 months time if we have a run like SYR have had once drilling commences?
All the best....
TON Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
