A T3 JV or take over is not an obvious (or good) option in my...

A T3 JV or take over is not an obvious (or good) option in my opinion and I don’t think it will happen, at least not in isolation. MOD just spent huge amounts of time and money striking a deal with MTR to consolidate T3 to 100% in order to progress the project (or at least make it easier to progress to production). Selling down on it now will just reverse this and I think any sale will significantly under value the project considering the undefined yet highly likely synergies that may exist with the project by surrounding satellite deposits within the T3 dome complex.

I would much rather forward selling production (streaming/royalty) or a JV/farm-in style arrangement for the exploration ground but it just might have to be a placement. Unfortunately MOD are not in position to dictate terms in this market and you don’t want to get caught in a liquidity squeeze.