It appears that the JV partner MTR.L has also recently bought 4m...

It appears that the JV partner MTR.L has also recently bought 4m MOD shares on market heading into the PFS. Nice vote of confidence:

MTR RNS 25th Jan:
"In addition to its 30% interest in the JV, Metal Tiger holds 108,200,000 MOD shares, equivalent to 5.71% of MOD's issued share capital and 1,541,667 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019."

MTR RNS 5th Jan
"In addition to its 30% interest in the JV, Metal Tiger holds 104,200,000 MOD shares, equivalent to 5.497% of MOD’s issued share capital and 1,541,667 MOD options each exercisable price of 6 cents (Australian) on or before 15 April 2019."