MTC: A New Look, page-15

Essentially, if and when we get refunds back from the Quebec Government we will have approximately the same amount of funds which BCC invested for, as per the Deed of Novations, resource definition drilling and a scoping study for Cancet, our flagship project which we informed the market we were planning to have production ready this year.

BCC haven't yet taken any legal action against the company for breaching that agreement which is odd.

If we don't spend those funds.at Cancet and simply mark time and wait, then those funds will be eaten up in no time by directors fees. They'll be gone even quicker if we buy a new untested project.

Then we will need to raise capital which would cause significant dilution at this price level. If we sell Cancet for the peanuts the market considers it worth now then we've lost it, or significantly diluted our ownership of it for next to nothing, likely less than we've spent on it so far with 59 holes.

But who would invest capital in a new project with MTC after due diligence? The last company to join us, BCC had an agreement to develop Cancet, which we breached as evidenced by the Deed of Novation. Why would anyone trust us?

We must develop Cancet with those remaining funds, not just because we are contractually bound to, but for the very reputation of the Company in Capital markets.

The alternative is watching those remaining funds being milked off into Directors bank accounts while we wait for a pie in the sky sell down amd a new project aquisition which nobody is likely to invest in given our track record of breaching agreements to spend their money as per BCC and Cancet

Stopping the drilling at Cancet, twice last year, then halting the drilling campaign at Cobalt halfway through also makes it look suspiciously like this share price level has been deliberately engineered by our BoD in my opinion. Why? So we can sell off Cancet for peanuts and nobody will complain?

What's in that for BCC that they've invested their $1.8m for without complaint over the breached agreement? Did they encourage the BoD to run the company into the ground by spending all those millions last year, ignoring Cancet so they, or someone close to them,.could buy Cancet off us for peanuts to avoid going into administration? A legal claim against us now for breach of contract would bankrupt us even quicker than our directors fees.

This is all very fishy.

Jarama, are you keen to see those refunds simply go straight to our Directors and not spent on exploration? Are you one of the Directors of this company?