Ann: Drilling Update at T3 and T1 Projects, page-23

Hi John,

The facts that CC's discoveries continue at depth and MOD hasn't really tested their discovery at depth yet;
that the slew of anomalies to be tested in the T3 Dome is very large;
that the T20 Dome is entirely untested by drilling and has higher soil anomalies and just as good EM;
these add up to a great case for buying.

I agree that drilling is the best chance for MOD to add value, though JH has a track record of bringing a discovery into production at WSA, I believe. But if the DFS isn't due till the end of the year, there is a six month window where they can drill like there's no tomorrow without too much chance of a major lobbing in a bid. I think these guys usually like to see a DFS before stumping up the cash.

Cheers,
Tim.