Ann: Assays Confirm Outstanding Intersection at A4 Dome, page-17

These projects in the T3 dome will add significant value as feed to to the T3 project. I’m really interested to understand how brokers will value these deposits once a scoping study is done which then form the price MOD pays MTR to acquire (as per recent deal to consolidate 100% of T3).

MOD are going to have to fund 100% of the concentrator at T3. If MTR wanted to process their 30% of these exploration tenements at the T3 plant they would need to pay some sort of tolling fee to MOD or build a concentrator of their own.

If brokers value these exploration tenements as just value add (no plant capex required) then MTR have pulled the wool over MOD in the deal IMO. Hopefully there is due consideration on the fact MOD are fully funding and have full ownership of the T3 plant which is imperative to the value of these exploration tenements as they will need to process their ore through here.

Without the T3 plant (which MOD will pay for) these other tenements would not be worth as much. Hopefully catch my drift..