The future is bright (in my opinion), page-4

Hi John. Many options available of course so some variation of the above is plausible.

In relation to the $120m quoted above, the value of the mtr transaction, (ballpark) iirc 58m shares, was worth approx $26m when announced and $20m odd today, valuing the project at $80m, give or take.

The question then is, what does mod have to do to make up the $30-50m difference in valuation between the 2 deals? And then, the time frame involved to achieve that. Is the catalyst t3 underground, an outstanding dfs followed by permitting, a major spike in copper price, maybe new government incentives, tax break or all if the above?

Or can they justify that $120m tag sooner rather than later? Has tidying up the jv arrangement and upcoming dfs added that $50m already?

Que sera sera.