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Metalex Ventures Ltd V.MTX

Alternate Symbol(s):  MXTLF

Metalex Ventures Ltd. is a Canada-based company engaged in the acquisition, exploration and development of mineral properties. The Company’s principal projects are located in Quebec and northern Ontario (U2), Canada. Its overseas projects are located in South Africa, Morocco and Mali. Its projects include Wemindji James Bay Property, Kyle Lake Property, Viljoenshof Diamond Project and James Bay Lowlands Property. It has a 100% earned interest in mineral claims located in the Kyle Lake area of Ontario, located approximately 200 kilometers (km) west of James Bay in Northern Ontario and about 80 km west of De Beers’ Victor Mine. It also has an interest in various mineral claims located in the Wemindji James Bay region of Quebec for the exploration of diamonds and owns 100% of the non-diamond project. It also has a 100% interest in certain mineral claims in the James Bay Lowlands area of Northern Ontario. It has a 70% interest in the Viljoenshof Diamond Project in South Africa.


TSXV:MTX - Post by User

Post by Oregonduckon Sep 21, 2021 1:42am
236 Views
Post# 33890968

Let’s Do the Math

Let’s Do the MathAs of July 31, 2021, MTX has $1.8 million (rounded) left.

“...Exploration expenditures of $347,191 have increased significantly from $188,170 in the prior period. This is due to having an active sampling program for the Quebec project during the summer of 2021. In the prior period, there was not an active project an Exploration expenditures related to project maintenance. Please refer to Note 7 in the financial statements for additional detail on exploration expenditures.”

The Co spent roughly $535,000 (rounded) on Que to July 31.

Of the $3.1 million raised - $1.7 million were flow through financing for Quebec only. So far, they have spent $535,000 on lab and exploration there. Around $1.0 million or less are left for Que out of $1.8 million in the kitty.

If Chuck found something, he will need to raise funding at 5 cents that would be hugely dilutive without a rollback.

Chuck said he did contemplate rollback back then.

POS

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