Contacting the directors is very helpful in understanding their rationale.
The short answer is that Lithium drilling is expensive and at Cancet it doesn't do much to enhance the value of the project because it's still a ~15-25Mt resource and spending millions on drilling just pinpoints where the project sits on that range.
The maiden results at Cancet were completely overlooked and didn't cause the share price increase they should have, so what would more of the same (extraordinary) results do for the share price? I honestly think punters reading the headlines didn't even realise that 18m at a stupidly high 3.7% is equivalent to a
55.5m intercept in a more typical 1.2% grade that most other companies report, particularly back then when Lithium wasn't nearly as well known.
So rather than burn cash (dilution) on something people may overlook, why not dilute that individual project with a company (like BCC) who recognizes project value more than Australian microcap investors (punters).
Using cash on chasing super high grades at Rusty Lake/Bay Lake is much more likely to inspire a flood of new investors and see the share price rerate to the price MTC deserves.
Similarly exploration and maiden drilling at the untouched projects will stretch the cash much further in terms of getting the share price up. This is particularly because no one even knows that Sirmac-Clapier, Wells Lacourciere, Terre Des Montagne and Kapiwak even exist, let alone their real potential for holding
THE world's highest graded lithium deposits.
Quote from Sirmac geological report (obviously very close to Sirmac-Clapier):
View attachment 1181292
'Virtual certainty' is an example of geology being able to make conclusions probable enough to not need any luck as I mentioned in my above post.
Limited historic work at Sirmac (which Nemaska sold for over $6M) has resulted in a small 2.04% Li2O deposit. That's right,
deposit not just an intercept!
(20min delay)