Paterson Province/RIO/MCT, page-13

Born2run, I do feel sorry for holders lost their money on this one. Shareholders put their hard earned money and strong faith in directors to look after their investments. Yes, not all exploration will turn out well. But:

1. AB project - any idiot can see you will need very high zinc price for several years, and billion dollar to fund this project. It is 1.5 km deep. Directors held on to this project for several years and collected a lot of salaries. They should have give up this one a few years ago and cut expenses (including their salaries) until they backdoor list a project MCT can easily fund it.

Than they decided to sell to Canadians hoping they will buy it. It could end up cost MCT massive fees. It feels like they are blaming Australian investors selling MCT shares so low (not blaming themselves) and hoping Canadian investors will pump AB price up.

2. Than they went for a lithium project. I feel they are more like a commodity chaser than doing any exploration. I think they drilled 2 holes on that project. Seriously, contractors drove a drill rig 1000's km and only drilled 2 holes. That's very inefficient and expensive.

IMHO they should not take any salary until they successfully find a good project or good resources. No drill result, no pay.

3. The copper/gold project they want to drill. Yes, it is possible to find resources. However, it will be low grade resources. That means you will need to get massive JORC resources and a large scale mining (suitable for BHP and Rio Tinto), and that will cost easily $20 million to get JORC resources. At moment, IMHO most share holders will not put anymore money into next round of capital raising due to too many disappointments.The value of USD is not backed by gold but backed by trust. Without that trust, you have nothing.

I feel sorry for holders because holders put 100% trust in MCT with their hard earned money. I know how hard it is to earn money in this world. Directors of any company (including banks) must do what is the best for their share holders. If I'm running an ASX company or even recommend a stock, I'm happy to go without pay until I delivered good results.