These questions from the ASX to MTC are quite specific and seem to be establishing a groundwork for something which may grow in my opinion. In particular the query relating to whether written consent was sought from the geological consultant prior to the earliest release of an announcement regarding cobalt aquisitions.
Importantly we are informed in the companies response that our claims for rebates from Quebec public monies for exorploration expenditure are under audit.
We've paid Canadian mining entities in shares for work conducted and properties acquired which are now worth much less than before. They are shareholders still, unless they've sold, and have the power to take part in shareholder actions and potential legal actions via Canadian and perhaps Australian courts if fraud or negligence is suspected.
@Spoilt are these shareholders willing to call that meeting?
The ASX likely doesn't analyse these things unless a complaint is lodged.
In my analysis it is likely that this query from the ASX was either about laying the groundwork for future legal claims against the company or to assist the Quebec Tax Authorities with their audit of MTC's claims for rebates. Or both.
But as per financial reports we don't really have any funds left to defend any legal claims or challenge a refusal to pay the rebate.
Disclosure to the market of information regarding Luke and Ryan's letter to MTC informing the company it is terminating the agreement over the 14 claims where high grade lithium has been discovered and subsequent court action has still not yet occurred. We have however seen a certain top 20 shareholder sell off the list, the top 20 shareholder list as published by the company and other media sites still to be found online, and our shareprice has dropped significantly since this occurred. This is a significant event that a reasonable person would assume would affect the shareprice in my opinion and merely tacking a sentence on to the end of a quarterly ober a year ago which barely alluded to the legal challenge, saying it is considered without merit by the company and only affecting a tiny proportion of the total area of the project without mentioning the specific detail that this is the specific area of the project where the much trumpeted lithium resource has been discovered is insufficient to be considered disclosure to the market of price sensitive information in my opinion.
Mining companies are often in the business of digging deeper and deeper but this is not the right way to go about it in my opinion.
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