In the last quarter MTC burned through $1,870,000, leaving them with just $1,527,000 in the bank. With no revenue and estimated cash outflows of $872,000 in the current quarter it is clear that they are heading towards another capital raising very soon.
They have just completed diamond core drilling at their Bay Lake North cobalt project in Ontario, Canada and drilling is scheduled to commence at the nearby Rusty Lake cobalt project in the next couple of weeks.
If these upcoming drilling results don’t restore some confidence in MetalsTech and their projects, then things could get very ugly. I’d certainly be staying away from MTC until such time as they can show that they have something worthwhile in the ground.
It all seems very touch and go at the moment.
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