MTC: A New Look, page-8

This is just a theory, but the geological consultants could be unsatisfied with the share price seeing as they were paid in shares, and they are possibly the ones dumping at this level just to get some money out.

As for all of the Cobalt projects, being a first mover in a new area is always high risk high reward, every cobalt explorer I know of has been decimated as similar to MTC they haven't been able to prove large enough intercepts to be currently viable at the now receded Cobalt prices. Value may come back to all if Cobalt prices go on another run but for now I think MTC's cobalt projects are only worth a few hundred thousand. Which is actually quite significant given the EV is currently $400,000 fully diluted but regardless I think Cobalt is taking a back seat.

And yes the Cancet exploration target was made after the first round of drilling. Drilling enough to JORC it wasn't really an option imo given the cost of the amount of holes that are needed and the difficulty for Lithium explorers in raising cash at favourable levels hence the quick handful of holes at Cobalt projects which were much cheaper. The last cap raise was done at 24c so it would be a kick in the face to raise money at sub 10c after that in order to progress drilling, that's the reality of drilling for a high volume low value commodity unfortunately.

As for AVZ the optimised opex is reasonable imo given how well it can be offset with economies of scale from ramping up production and having a seemingly perpetual mine life. It was just an example anyway, there's endless tragedy in this sector even in the production phase like AJM who is down 70% despite reaching commercial production.