T3 valuation, page-18

There’s always the opportunity for Cu and Ag prices to increase but equally there is a chance the world falls in a hole and Cu and Ag prices tank - and thus I attribute little to no value on that.

The blue sky is unknown and there will be little value attributed to this by an aquirer, this is why I have been a big advocate of continuing to drill.

T3 might come in with an NPV, 10% of circa $400m. MOD has 350m shares fully diluted but with $200m+ of capital required would likely need to further dilute to 700m shares to fund the project.. so my value of T3 is circa ( $400m + $100m cash)/700m shares is 70cps. You could tack on some value for A4, T1 etc but I would expect this to be relatively small and thus couldn’t see ur $1.40 without further exploration success..