MTE's major shareholder MLM just did a small cap raise. They have enough cash now to pay $8m to take up an option in December for some mineral sands tenements in Victoria if they choose to. MLM will still have some cash left over, but have some possible heavy spending still to come. Some extra weakness in the SP of MTE could have been due to some awareness of MLM's fund raising needs (or wants more likely).
Will be interesting to see if the SP recovers now somewhat. Unfortunately the market often punishes a stock (or anything else) when there is thought to be a potential motivated big seller. You never know.
GLTA - have position really as holder of some MLM.
MTE Price at posting:
21.0¢ Sentiment: None Disclosure: Not Held
