Ann: T3 Pre-Feasibility Study - Robust, Long Life Copper Mine, page-18

Hi Tim,

I believe it was the general market sentiment in the broader index as well as perhaps ' buy the rumour and sell' the fact in MODs case.

I reread the PFS and a few points stood out here.

Price senstivity graph takes into account NO Silver upside in price, not that they are producing much over the LOM but as a byproduct, they fixed the price at 16.81usd. Thus any meaningful increases in Silver should lower ASIC in FS.

I expect Copper to go higher by 2020 to over 5+ a pound, meaning a higher IRR% along with any Cu exploration success would make this a monster.

Hence IMO PFS is conservative and better that way. Plenty of upside cases to be made.


My friend @JID made a good point, that Tiger may not be able to fund the 30% capex and instead elect to become shareholders thus increasing MODs ownership to 100%.

Share price will correct itself with plenty of coming newsflow in 2018.



Add to that Bostwana is on the rise and it makes a solid case for MOD.