Ann: Record High-Grade Intersection at T3, page-11

Nice update.

Not trying to be intentionally provocative here BraskTracks1, but where do you and MTR see this really going short to medium term? I preface the following but noting I personally look for teams that avoid dilution at all costs and show the potential minimum asymmetrical risk ratio of 1:5.

Given there are already 2 Billion shares on issue (fully diluted) at this very early stage, every 1c increase currently represents a $20M market cap appreciation. At 25c it means $500M market cap. I see this being unrealistic over the coming 12-24 months and irrespective of further dilution likely to happen in the June-Sept Qtr 2018. Moreover, M&A premiums have not translated as well has many had expected in such a jurisdiction.

Appreciate there are still many targets that will hopefully extend T3 (300m strike length? please feel free to correct). I''m more curious to understand what's your specific thoughts are on possible upside for MOD share price over 2018?