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https://www.afr.com/street-talk/copper-play-cobre-readies-blue-sky-ipo-pitch-20191008-p52ykz

So last formal hurdle completed this morning. MTR has a sum of parts , Cash in Hand, Direct Equity investments, JV in private companies, NSR etc... Of circa 2.4p. That is a discount of 50% to current share price. But even more astounding is the fact that approximately 75% of that (circa £30m) is liquid. In a market that is fearful, cash strapped and many exploreres trading at all time lows, such avaliability to liquidity for a Prospect generator is multiples of where we are now. One step at a time. First step has to be a share buyback!

Keith, I am really sorry I slightly disagree. The share buyback will mean less shares in issue and as we are currently trading at circa 20% below the cash /scrip value of the deal it will in my opinion have a considerable effect. If MTR buys back circa 10% for say £2m that will be a significant reduction and more importantly, due to lack of liquidity make the shorts buy back quickly. MTR can also announce that it will be able to buyback at any time in the future rather than issue a dividend. MTR will also re invigorate itself as a "prospect generator " with strategic holdings and oversight with board representation. By having a stable of 6 or 7 projects it is buying in at the very bottom of the cycle. The ambitious exploration campaign envisaged by SF will really enhance the NSR which has already attracted offers. Cobre looks like a company maker and KML could easily be taken out by SF in the near future if Kit in particular matches expectations, as only being 5km from T3 . Huge potential but the key is that MTR will by the end of October have liquid cash and stock approximately 50% higher than where we currently trade. Add KML and the NSR and I have a fag packet sum of parts post deal completion of circa 2.2p to 2.5p.

Great news. Post completion EGM and Share buyback! New beginning for MTR. "Prospect Generator". Significant cash position, Michael McNeilly ability to secure extraordinary deals and Terry Gammer,s expertise and Industry contacts.

I have a substantial holding and my average is 2.4p (ouch !). I genuinely believe that post deal completion MTR will evolve into a different animal. Much more risk averse. Taking strategic positions in cash hungry explorers with near term catalysts. MMc is n astute deal maker , hamstrung by lack of control and oversight in the JV MOD position that took up 90% of MTR funds and time. This will no longer be the case. Terry Gammer has a strong reputation and matches that with his contacts , thus taking a cornerstone position first in KML and more recently in Cobre ( the latter against strong competition from a number of Majors ). I currently have a sum of parts valuation post completion of circa 2.3p to 2.5p , I believe Management will take their time, look for a stable of 6 or 7 key projects without the commitment of an open check book. Dillution will be a thing of the past and I am hopeful that there will also be a modest share buyback to undo some of the damage of MOD related dillution and to take out a prevailing short. By luck and good fortune a low ball offer from Sandfire has given MTR a significant warchest at a time when cash talks and potentially transformational projects are desperate for cash!

Keith, what I am advocating is buying back shares at their current artificially lower price. ie 1.25 p plus ( as we know the NAV is really around 2.5p+) This would give a substantial return immediately by making the shorters close and sending a message to the market that MTR has significant cash. It isn,t an either or situation as I would advocate no more than say £2 -£3m allocated to a share buy back and the remainder for liquidity and new ventures. IAs with the potential transformational Cobre deal I would expect managemnt to pick up circa 20% cornerstone investments for say £2m each and unlike MOD with a stake at project level, there would be no obligatory funding requirement thereafter. MTR could, along with KML and Cobre and even a reformed THR have say 6 projects with cornerstone stakes and board representation for a total outlay of say £5m leaving at least £15m in SF shares even having spent circa £2-£3m on a share buyback. A " win win" strategy.

I agree entirely with Bigmj. Post end of October MTR will be incredibly liquid. Most of us are sitting on significant losses at the moment and MTR needs to perform. We all know the assets and potential here should be reflected in a Share price double where we are now. 2.5p + . I genuinely believe management are fully aware of this and are holding powder dry until the deal completes and reality of funds becomes apparent. It is then incumbent upon them to really spell out to the wider market and to Institutions what MTR now stands for. No longer a one trick pony, but a "Prospect Generator", that has the skill set to identify opportunities with cornerstone stakes and Board Representation. To make it crystal clear that dillution is a thing of the past and to confirm this, as Mike has said to undertake a sharebuyback as a one off "dividend", to reduce the float, to invest a proportion of the MOD sale proceeds at a discount of 50% to NAV and to force the shorters to close. This could be a once in a life time opportunity if the management play it right.

Haven,t posted for significant time. Still heavily invested and sitting on considerable paper loss. However am beginning to see a light at the end of a very dark tunnel. MTR I firmly believe will become a very different animal post November MOD/SFR deal completion. Painful lessons will , I am sure have been learnt by Management. The key one being eggs in one basket without board representation. Post November MTR will have liquidity of circa £20- £25m. It will, I believe re invent itself as a "Prospect Generator". Will aim to have a significant interest ( circa 20%) in a stable of 6 or 7 projects focused upon exploration. KML and Cobre being the first two and management , according to recent interviews, are carrying out D/D on a number of other high value prospects. I feel confident that by the New Year MTR will be seen very differently in the market compared to the last two years. The fear of dillution to fund a project through to development will have gone, Management will not be bitten twice, They will only invest in projects where management are focused upon the single goal of creating value and selling on a discovery to a bigger player, . With Terry Gammer they have a Geo with a considerable reputation and contacts, hence the Cobre deal where MTR beat stiff competition like SFR to take the cornerstone place ready for IPO next year. With MMc they have an astute deal maker who knows his reputation has to be made on turning the company around and gaining the confidence of the investment community. The potentially transformation NSR MMc negotiated with MOD and SFR could be worth somewhere near $30-$50m this time next year following an aggressive drilling campaign outlined by Sandfire. To have the firepower of £20-£25m at their disposal the MTR management are in a Buyers market, so many projects are starved of cash and by earmarking say £2m per project , to have an eventual stable of 6 or 7 projects, to have jetisoned old legacy ventures like THR and Thailand from Paul Johnson days will see the company with a remaining cash balance of circa £12 -£15m. I personally would like the company to carry out a share buy back of say 15% to reduce the impact of the horrendous dillutions over 2018 at a cost of circa £2-£3m and possibly even take out the Sprott position as I think MTR's days of Rick Rule and Sprott are no longer advantageous and management can stand on its own two feet. It is rare on AIM for a company to recover to Pheonix out, but The MOD transaction combined with a potentially once in a lifetime buying opportunity could see MTR completely transformed. Trust regained , on the provisio that Management communicate a clear and transparent message , acknowledge where mistakes were made , commit to non dillution and that the company will not only invest with a major stake if that comes with a Board seat. I am genuinely hugely confident and await MTR 2 post November with huge excitement and expectation. GR

suspect selling today Kemco warrants at 1.6p . No worries !