Hi Tim,
I believe it was the general market sentiment in the broader index as well as perhaps ' buy the rumour and sell' the fact in MODs case.
I reread the PFS and a few points stood out here.
Price senstivity graph takes into account
NO Silver upside in price, not that they are producing much over the LOM but as a byproduct, they fixed the price at 16.81usd. Thus any meaningful increases in Silver should lower ASIC in FS.
I expect Copper to go higher by 2020 to over 5+ a pound, meaning a higher IRR% along with any Cu exploration success would make this a monster.
Hence IMO PFS is conservative and better that way. Plenty of upside cases to be made.
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My friend
@JID made a good point, that Tiger may not be able to fund the 30% capex and instead elect to become shareholders thus increasing MODs ownership to 100%.
Share price will correct itself with plenty of coming newsflow in 2018.
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Add to that Bostwana is on the rise and it makes a solid case for MOD.
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