" I think what we should not lose sight of as investors is that...

" I think what we should not lose sight of as investors is that MOD is not purely an exploration play - they already have a development project (T3) with a Net Present Value (NPV) estimate of AUD $370 million as per the Pre-feasibility study (refer announcement dated 31/01/2018)."

Disagree without funding it is still an explorer, unfortunately A4 turned out to be a bitter disappointment for me , I had hoped it would have had higher grade to initially kick start the project , now MOD is between a rock and a hard place , as instead of a smaller high grade project its outlook is more towards a lower grade high tonnage project which will take far more drilling and eventuate in a higher CAPEX project that will be harder to find funding for .
That is why I feel the share price is where it is .