Funding [to be] Secured

Morning Guys,

Yesterday's announcement, whilst not being rewarded by the market is another positive development for the Company and as others have stated, improves the Project metrics for T3.

It is clear that MOD want to build a mine vs. the North American junior model which is to drill up as large a resource as possible and then sit back and wait for the TO offers ... fair enough:





MOD is clearly working through the various options for funding T3 now.

As a larger shareholder in MOD (1.8%) I contacted the Company yesterday to advocate for existing shareholders when the Board makes a decision on the funding sources.

I put forward that I would like to see existing shareholders included in the inevitable equity raising via a rights issue which will allow them to retain their pro-rata investment in MOD if they so choose.

To often, management are misaligned with LT and supportive shareholders when raising funds and allow third parties to come in and acquire large equity stakes at knockdown prices during the 'orphan phase' of a projects' development.

I think that we generally believe that MOD is undervalued at current prices and I gather that MOD management agree with us.

The Board and Management hold c. 14% of MOD shares (ignoring the MTR transaction) and thus, I am hopeful that they are receptive to the underlying principle involved here.

However, I would encourage other shareholders to contact MOD if they feel the same way regarding this in an effort to convey that this view is held more widely than just one shareholder.

I have found MOD very approachable and receptive.

Cheers
John