MTM Chart, page-1657

The stock is cheap, no question about it

Refer to the announcement (Sep 4th). Today was the high grade holes. Future holes aren't expected to be high grade. There was one sliver of 2.5m of high grade. This won't move MTM's stock price.

I hate to say it and hope I am wrong. But I think a capital raise is coming.

My reasons are as follows:

1. Previous quarter had $2.5m of cash.
2. Canadian drilling and it's a diamond core drill for 5,000m. Conservatively this would cost $1m-$1.5m by itself.
3. Other tenements and costs were $400k per quarter per historical average.
4. I don't know how much was spent on Laverton on those soils and what other works are being done in parallel.

Implies that Cash is anywhere between $0.6m - $1.1m at the end of this month in the September quarter