Ann: Drilling Resumes at T3 Copper Project, page-14

Everyone has a different idea of cheap, for me, it represents fair value, as almost all shares trade at a discount to valuation (otherwise why would one buy them) as for MOD, I can think of a dozen shares trading at a greater discount to valuation, but none has better opportunity to build a world class resource base, but that still needs to be proven up with the present and future drilling, for what it is today, given its already heady market cap( it wasn't that ago it was trading for far less), it represents fair value. As I say getting a 100mil company to a 1bil company is a big challenge, I have started buying but my exit point isn't for a number of years, when I will want full value from a very successful company. I ignore the "this stock is just about to explode" hype, and look to the fact that those outside MOD, that know the opportunity best, their joint venture partner, Tiger Metal PLC, think the best place to spend their money is in buying more shares in MOD ( as their recent announcement confirmed) which gives me greater confidence to buy, but they are buying on hope of further success, on what they are today 6c is a fair base case to me.