Afternoon Guys,I have refrained from posting until the details...

Afternoon Guys,

I have refrained from posting until the details were made public. Avtek's post is accurate.

SFR's bid is highly opportunistic and destined to fail at the current offer price. This, in part is because key stakeholders, including management hold enough shares to block this low-ball bid from SFR.

It is interesting that SFR has also been rebuffed by another material holding of mine, ADT, in recent times via a placement also led by Ashanti. They seem very keen to access a new, high quality, development project to replace their current short LOM operation.

The CR was always coming, as we have discussed for sometime, and it will be good to get this out of the way and remove the overhang that was sitting there.

I am pleased that MOD have included a Rights Issue as I (and many others) agitated for and what is obviously in management's best interests as large shareholders in their own rights.

Whilst the current SP is disappointing, at least existing shareholders can participate at 24c, a discount of 25% to the institutional offer which, from what I have been reliably informed is oversubscribed.

It also appears that a lot has been going on behind the scenes in terms of allowing third parties access to the MOD data room in an effort to secure a funding pathway for T3 / the Company.

Whilst SFR is the first to move and openly disclose this, I am confident that there are other mid-tier copper producers that are also very interested in MOD for both T3 and the belt scale exploration upside (Lundien and OZ Minerals come immediately to mind not to mention a number of Chinese entities).

IMO, over the course of the next few months, a number of interesting plays could emerge for MOD. The only downside is that MOD has come so far off the highs despite continuing to progress its potential.

I am surprised, however, that MOD did not delay this CR until after a positive DFS was released for T3 - which we know will be an order of magnitude better than the PFS for all the reasons we have previously discussed, or after a few more drill assays had been completed.

Not to worry - some of us had the opportunity to participate in the Institutional Placement and ALL of us will have the opportunity to participate in the Rights Issue ... you can't be fairer to existing shareholders than that when raising capital.

Cheers
John