MTH - Whats the story?

I’ve been researching all morning to try & find the most mis-priced Cobalt stock on the market given how hot the sector is at the moment & I keep circling back to MTH via Monday’s investor presso. However the problem is it looks too good to be true – does anyone have any more detailed thoughts?
With 686m Shares on issue & 500k cash it has an EV of 3.6m
For 3.6m EV the following is on offer:

• 100% ownership of “Basil Copper Cobalt” project which is the 10^th largest Cobalt JORC resource on the ASX. The project at Leaky Bore has 13.4kt of Co with 500ppm (0.05% CO)
• 100% ownership of the “Mexi Nickel” Project which is fully funded & the next step for them is the EM survey which should cost c. 50k. This project is only 10km down the road from Posidon Nickel’s (POS) Silver Swan Ni Project which has massive Nickel Sulfides to the tune of 10% Ni …
• 75% ownership of Stark Copper Project with grades up to 13.7% Cu & they’re planning an EM survey – again which should cost c. 50k
• 20% ownership of Coompana Project (Ni, Cu & PGEs). They need to spend 2m by April 2019 for which c. 1m has already been spend to date & this is a JV with Oz Minerals

All this for only 3.6m … ?
Let’s be brutal now, the Cobalt project alone should be worth c. 15-20m at an absolute minimum given it’s a proven JORC resource. Look at Cobalt Blue (COB) – their resource is also a JORC certified 500ppm Co project & it’s sitting at 25m mkt cap.  
In March 2012 when MTH undertook the JORC for Cu-Co on the project, understandably the focus was on Cu, so any nice Cobalt Diamond Drill / RC Drill cores weren’t investigated… I’m sure they would have had mineralization zones with 1,000ppm or 2,000ppm Co which showed promise as a Cobalt play, but they weren’t pursued given it was uneconomical… They would have had to in order to get a JORC resource at 500ppm, surely.
I’m sure that management is currently pouring their eyes over the previous holes & planning a fresh drilling program with a firm focus on Cobalt to extend their JORC resource by size & concentration.
Then we add to this the potential monster grades of Ni (due to nearology of POS’s silver swan project) at Mexi Nickel & then monster Cu grades at Stark Copper
Sure – say the fresh drill program at Basil will cost 250k-300k depending on the split between Diamond Core & RC Drilling (using CLA’s drill program as a costing guide), but this surely will be the primary focus.
Please, someone with much more knowledge of the situation help me understand why this company doesn’t have a 20-30m mkt cap at the moment & it trotting around at sub 4m – I mean there are some shells out there for this mkt cap!!