I think the cap raise was poorly done and think the brokers...

I think the cap raise was poorly done and think the brokers dropped the price when they knew of intentions. It is a bad reflection of mgmt corporate (in)capability but so be it, everyone would probably be happy if they raised $18m at 6c instead of 4.7 but this is peanuts in the scheme of things.

We need news flow to kick this up and this is what I’m expected based off announcements:

T3
- Revised resource estimate (incorporating infill and extension drilling including the 18m @ 4.3% ann on Jan 5) – Q2,  2018. I reckon this could be good based off the assays we have seen, maybe 25% increase in jorc reserve/resource.
- T3 underground resource estimate and scoping study Q2, 2018


T3 Dome
- AEM survey results for T3 dome – expected late Jan 18. Indaba preso showed multiple anomalies identified in AEM to target for drilling once approvals received.
- DEA approval to drill T3 Dome – expected in March 18 (stated in ann on 26 Feb expected soon). To start drilling early in Q2, 2018. Would anticipate these approvals in next couple weeks provided no issues. Have we had any issues with this stuff before? MOD seems to be a very good corporate citizen in Botswana from what I’ve seen.

T-Rex
- Assay results from first 2 drill holes MO-3R-09D and MO-3R-12D, expected early Feb 18 (did we get these?) Drilling underway, timetable says will drill until April – so results late April?
The lack of assay results concerns me.

T20 Dome
- AEM survey, to commence Feb 18, approvals and drilling to commence Q2, 2018


T1 (Mahumo)
- 20-hole diamond drill program to commence during Feb 18 (ann on 26 Feb said it had begun)

I would expect approvals news could be limited to approvals to drill T3 dome in next couple weeks followed by T-Rex results in April and the resource upgrade for T3 late April/early May. There’ll be no further dilution now for 10months+, great buying op if you like the exploration grounds.