Ann: Response to ASX Queries, page-42

Look at the timeline above though, as per the documents lodged with the court in BC on March 5 last year the plaintiffs wrote to the company terminating the agreement over those particular leases where the lithium has been drilled, for breaching the terms, this is still not disclosed to the market but April 6 Board members resign and the Cobalt spin-off is cancelled, then the plaintiffs lodge documents with the court on May 30. Then we had a debacle of a cobalt drilling campaign which was halted halfway through, we never received assay results for much of the cobalt drilling which was conducted because of a dispute with the geologists, as per company announcements, and we were suspended from trading for not submitting the QAR, which when belatedly submitted seems to be a cut and paste job of prior anns. MTC lodged a reply with the court to the plaintiffs claim on Aug 30 but none of this has been disclosed to the market.

We don't have the $1.8m which Wuxi Baichuan invested with us to prove up Cancet anymore, as per the Deed of Novations which bound us to do that with their money, it's gone without a single drill hole in that ore body being drilled.

I put it to you that this legal challenge very likely explains why we haven't drilled that ore body at Cancet again yet. It needs resolving and disclosure to the market.

But what is Moran's game plan? Keep it quiet and wait it out while collecting the last of our capital in directors fees then delist or something? He seems to be spending a lot of time tying to get new ipo's listed, first 3GC and now Zinciferous, does this indicate perhaps that he doesn't perhaps think he can, or isn't willing to address the issues facing MTC and is choosing to pursue directors fees elsewhere because MTC is about to fold? That's what it's starting to look like to me, to my eyes, that's my opinion being expressed. There is no effort I can see here to fix mtc, nothing passes the sniff test and nothing has been disclosed to the market about the fact that lithium ore body itself is the subject of a legal battle. We had to get the documents from the court after Woody Woodpecker came on here and told us about it a few months ago.