The future is bright (in my opinion), page-8

At the end of the day the transaction was MTR gave up 10% of T3 in return for 14% of the exploration package plus 20% of the MOD 100% owned tenements (such as T1) plus share of MODs cash etc.

How you then pick through and say what is worth what is anyone’s guess, I’d rather stick with a feasibility study with my own adjustments to value the project rather than try and work out that mess.. As I say each to their own on valuation principles.