Meta Materials Inc (MMATQ)

[Timothy Smith]

We remain highly invested in Torchlight Energy while realizing that it is a venture-level investment opportunity. We're confident in our capital exposure and our opportunity cost associated with taking on a wildcatter investment opportunity and while providing research and consulting services surrounding the opportunity for both retail and institutional clients.

We believe ultimately that the asymmetric upside of the Orogrande project, based on early scientific results, reward weights any capital exposure to Torchlight Energy, but that responsible capital exposure should be taken in all instances. Torchlight Energy is very much so a wildcatter E&P, which could run into significant execution risk on all durations.

Still, we continue to be impressed with the return of early scientific data and with the overall ownership structure and governance of the E&P. Should the concepts of the Orogrande Project prove out - again these are fully funded in opportunity - we believe Torchlight Energy equity returns could be exponential.

We anticipate a 12-24 month maturation cycle prior to Torchlight Energy equity being fully valued, assuming Orogrande Project concept prove-out, and we anticipate continuing to be long-term, venture-level investors.

Torchlight Energy: Schlumberger Testing Data Shows Orogrande Project Highly Comparable To Midland Basin $TRCH
http://www.seekingalpha.com/article/3987299