$15 million market capitalization, it is like Turning the clock back 7 years or more. When the Vicar, Colonel and the Madam came on board, we had about $13 million in funds and a further capital raising of several millions when Chris and the latest board came in. At the initial stage of the lithium purchase, there was also an offer of $107 million for our tenements. Since then a lot more studies have been done and our resource have been upgraded.
For lithium we are currently at the bottom of the cycle. Things will change for the better when the Cov19 is out of the way. We have MOU s with MimsMetals and Chico. We may not be talking now, that doesn't mean they are not interested. For holders with patience we will have our day later in the year. Meanwhile we wait for our FPS and with details on hand we can negotiate with these people and others who may be interested in our tenements.
MLL was initially BGS, a gold company. Millions of ounces of gold have been known to have come out of the area. We have done some gold studies and also at one stage Board 2 was even entertaining the idea of spinning the gold assets into another company. Since then, we have no more news of our gold. Cutting cost is fine, have the board any more plans of what to do with our gold tenements. They all can't disappear into thin air. Gold is trading $1750 as I write.
I guess if the tenements are up for sale for said $50 million, this could be snapped up any time for now. That is equals to 12c on a market capitalization of that. Will shareholders be happy, considering many would have an average cost of 25c or more. At the current price, I will sure collect a f
ew more for the future.
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