Ann: Shanghai Metals MOU and Shareholding Update, page-46

Agree Cheyne - there are some hurdles to overcome as with most companies, but investing is a game of probability and risk/reward. As you rightly say, the MC is low - given the range of projects and their potential is wide and covers hot sectors including zinc, cobalt and Lithium. Morningstar report today has MCT as undervalued.

MOU's with very serious players have been struck and many investors would have seen that the M&A activity of the Chinese in Au has gone through the roof. Our MOU partners could gobble us up for lunch money, such is the level of their size.

Worth noting again that MCT projects are in premium WA areas with zinc - lead (Admiral Bay) in the top four undeveloped world class assets leading the charge. Zinc is going through a massive bull market. And there is Lithium - Pilgangoora/Stannum/Wodgina, Greenbushes and Lake Cowan. (Look at the MC of neighbours TAW on our Lake Cowan border and Mineral Resources Wodgina players.)
Cobalt at Kyarra in the Yerrida Basin looks very promising with lots of interest in our neighbour RIR.

MCT has cash of $3 m in the bank last time I looked so well funded. So my guess is that we are in the "right place/s" and soon will be the right time.

Remembering that the rerate on any of these projects is likely to be substantial - and in the case of Zinc - overseas peer comparisons such as Arizona Mining, mentioned before, are 25 - 30 times the MC of MCT.