Ann: Appendix 3B, page-8

Morning Guys,

Fully agree with what you are saying. MOD is very undervalued relative to just the known assets it has let alone the potential for multiple further sedimentary deposits along strike.

You just have to look at their neighbour, Cupric Canyon, along strike to see the multiple deposits that they have discovered to recognize the upside potential here for MOD. For a private Company, Cupric Canyon provide a lot of good data, publicly, for investors to extrapolate to MOD.

This is the type of Company that people like Brent Cook love to discover.

(1) It is in a sector that has a well defined supply/ demand issue looming in the years ahead which will support Cu prices

(2) The sector has a number of large giant's who have significant assets depleting in the years ahead and thus M&A is a very real possibility (threat?) and this is Brent Cook's favoured exit strategy.

(3) MOD already has a defined economic deposit with an NPV far higher than the current EV and an industry leading IRR, both of which are likely to increase as the known resource grows.

(4) MOD control a district scale tenement package that has multiple anomalies to follow up on and an analogue, immediately along strike that would suggest further discoveries are likely, thus making it more attractive for a large predator (buy for the known value and get the unknown potential for free).

(5) Given that their neighbour, Cupric Canyon, is a private company and controls an equally large tenement package in this newly developing Cu belt, public investors can only participate via MOD as the belt is largely tied up between these two players.

[Retail] Investors are very fickle and impatient. MOD is currently "boring" and other hot metals (and crypto's) are the flavour-of-the-month. In time, however, this will become fully valued. Just gotta have patience IMO and if not fully loaded, make the most of the current buying opportunities.

Cheers
John