Ann: T3 Pre-Feasibility Study - Robust, Long Life Copper Mine, page-10

Can't quite understand why the SP hasn't had a really significant bounce on this. Seems like a milestone has been successfully achieved. Can't see MOD developing this project alone. Some much larger miner looking for good project will buy this. MOD could give 51% of the project for A$185M. That would give them enough cash to fund their share of development and have >A$100M to drill up the rest of the corridor. The purchaser pays a fair price for the base case and gets all the upside for free. That's a 3 bag for MOD.

Cheers,
Tim.