Ann: Half Yearly Report and Accounts, page-7

Morning Guys,

I would personally prefer that they drill the hell out of everything in sight vs. spending money of the T3 DFS and FEED work streams at this point.

My logic is that MOD is very undervalued and the market will not provide any value/ SP uplift to the early advancement of the T3 mine.

MOD is also currently below the minimum threshold of 1MT Cueq to attract a serious predator.

Instead, MOD is languishing in no-man's land in a depressed market. This presents the risk that a low ball offer emerges or capital is raised at a less than full price.

The best way to lift the EV is to drill out more R&R which allows MOD to reach the minimum 1MT Cu threshold which in turn "puts it in play" and which in turn lifts the EV (from speculators/ front runners) which in turn allows it to raise capital for T3 in a less dilutive way (if they don't get taken out).

However, in the meantime, we can take solace from these types of trends:



And that's not even considering all the copper intensive renewable electricity generation being installed to power these new, copper intensive vehicles.

Cheers
John