MOD has ~$7m in its treasury and is spending ~$5m per/quarter on...

MOD has ~$7m in its treasury and is spending ~$5m per/quarter on exploration & studies (T3, A4, T1). I'd say they'll be passing around the hat (via RI, SPP and/or private placement) late-Jan or early Feb. The company has one more throw of the dice to juice up the share price before ringing the bell.

They say they’ll continue drilling at A4 and T23 during the early new year. I think they also signalled an intention to investigate the T20 Cu/Zn soil anomaly (more aerial EMs or drilling? I can't remember).

I guess we just need to wait to see what turns up. In my opinion, A4 provides the best probability of success. Results there have been pretty good so far and the economics are more immediately quantifiable. Im particularly excited about the shallow intercept at 019D.

Obviously T20 is a potential game changer, but I feel we could be scratching around and spending a lot of money before anything significant turns up. And in the current macro climate, even if we do prove up prospectivity of the area, I doubt the results will be properly valued by the market. A cautious and incremental approach is whats needed over the next several months, in my opinion.