Recent post by Okenia on Lse Mtr Sharechat

(Thread title: Why are MOD drilling so fast)

Okenia said:

'For MOD it's a race between the drilling and offers coming in for the asset.
[Offers would be for the asset, not for MOD, certainly not for MTR - Rio Tinto want to buy a mine, not a company. That's why the JV is in Metal Capital as a SPV, it allows it to be sold as an asset]
The problem MOD face is that *they* know how big this find is. They see the rock chips as they hit the surface, they know how big this is even before the assay results come back. TG has decades of experience as well, and can sniff something big when he sees it. I met these guys - they are wired and geeked out over this like you wouldn't believe. It's massive.
Trouble is, I don't think MOD shareholders truly appreciate (yet) how humungous this asset is, plus may have a healthy distrust for any small-cap company (always wise on AIM and ASX!). They may feel "a bird in the hand is worth two in the bush".
So if Rio turn up tomorrow and offer the equivalent of 10c a MOD share for T3 then I suspect a lot of MOD shareholders might vote in favour of that (low ball) offer. MOD thus need to drill as fast as possible so as to show THEIR OWN SHAREHOLDERS just how big the asset is, and to stop them accepting a low-ball offer.
We already know 3 major players have proactively got on the phone and called MOD to find out what they have found.
There's a race here, make no mistake, and that race is on ...'


Also, by Okenia, later in same thread.....

'That statement was made in public in the presentation and is probably on the video if you have a look. When they said it the person I was sitting next too and I looked at each other and I said "we didn't know that, that's interesting"
The phrase was 'major players' not necessarily a 'major' in the strict sense of Rio, Glencore etc etc. And the context was "we're already on their radar", they've had calls asking what they've found etc.
No-one is offering them anything yet (give them a break, they've only just started drilling!) but the publicly released info has clearly been enough to make people pick up the phone and ask what's happening.'

Regards,
Silene