I like your thoughts Brass.
From a major's perspective if they were interested, to me it makes the most sense for them to come forward at DFS time or after when MOD actively start looking for financing.
It gets them in the door before another larger company gets an entry via financing,,, it has a DFS sewn up with real world numbers for their investors,,, and incorporates the next few months of exploration and whatever that holds. And possibly coincides with MOD needing exploration $$$ topped up.
To me, that seems the most likely time any interested parties will show their hand.
I don't see any benifit for them coming forward prior to that, barring a big discovery or literally sharks are swimming around and there is a need to get some control early.
Sprott are literally in the best position to take a big stake here, but if they are waiting then I can only think that they need more proven regional success to secure in their mind that MOD will absolutely be an M&A target.