MOD Seeking Finance, page-16

I don’t think SFR mgmt are the type to JV, they like to call the shots and run the show.. they took out TLM share of Monty to allow them to do just that. As much as I’d like a GOR style JV I don’t see it happening, at least not with SFR.

I think they know there’s not that much competition to get the deposit (size, balance sheet, risks) so they can afford to wait, and I think they’ve been sizing up opportunities and engaging with mgmt in the mean time. They’ve been patient in everything they’ve done.

I don’t think there’s a better time for them to jump on now. Sentiment is bad, price is cheap, project is considerably de-risked, the missing factor is the mgmt of MODs willingness to hand over the keys. But this is solveable. MOD have done the right thing in terms of continuing to explore, a discovery could make this twice as expensive and this fact may force SFRs hand. All to play out.