suggestion, page-4

D&C

The IPO is a terrible idea, regardless of how they try to justify it

If they were to IPO at a $20-30M+ valuation and raise $5M+ in the process, then that is a different story as there is clearly value add

However here, they are pulling the supposed flagship asset out of the company on all time lows and proposing to IPO it

The immediate upside will now be transferred to MTL for the short to medium term, and SOC shareholders will only receive benefit on a buyout, huge volumes or huge exploration success

PMR is the perfect example - reported fantastic results, didn't move. Currently capped at $26M, SOC $13M yet they own 80% approx. PMR is nice to own as an added bonus, but not for the flagship asset

Also, as some shareholders are voicing their distaste at management and the inter-related party transactions, service agreements etc, how is moving the asset to a new entity that SOC still retain 50%+ of going to change anything ?

See the point ?

The most reasonable thing to do is an SPP to all holders to allow them to average down at these levels, start an aggressive drill campaign that will produce results and see the SP move back to 20c+ and then seek to IPO, not move the flagship asset to a new entity and have them wait longer for upside

They are going down the path of DGR. Capped at $13M with shareholdings worth a multiple of that. Its ok if you can wait around till they all get realized and special dividends and likewise occur, but not for short to medium term holders