Molybdenum (Mo), a refractory material, boasts an elevated melting point of 2610 °C and is predominantly synthesised through powder metallurgy at high temperatures reaching 2000 °C, necessitating the use of liquid phase sintering (LPS) technique. This study investigates the LPS of Mo with varying proportions of Ni–Cu binders, aiming to understand the mechanism of intermetallic formation and to manufacture low-cost, dense, intermetallic-free and near-net-shape Mo-base alloys. Employing the manufacturing design paradigm for 90W-10(Ni–Cu) tungsten heavy alloys (WHAs) and utilising conventional powder metallurgy techniques, Mo-based 90Mo10(Ni–Cu) alloys were synthesised. Initial findings indicate that the densification of Mo-compacts increases with increasing the Ni–Cu ratio in the binder phase. However, an excess of Ni results in the loss of structural rigidity and geometric distortion during sintering. In Ni-rich alloys, two distinct liquid phases, Ni-rich and Cu-rich, emerge at sintering temperatures. These phases exhibit different solubilities for Mo and solidify into a dual-phase matrix. Intriguingly, in contrast to WHAs, 90Mo-10(Ni–Cu) alloys with a Ni-rich composition manifested irregular Mo particles, a dual-phase matrix, and δ-MoNi intermetallic compound formation. The formation of the intermetallic compound can be avoided by reducing the solubility of Mo in the Ni-rich liquid during sintering. Microstructural evolution and distortion are analysed using stereological quantification of various microstructural parameters. It reveals that alloys with low Mo solubility, high connectivity and high dihedral angle maintain their structural rigidity and resist distortion. Both micro-hardness and bulk hardness increased with increasing Ni–Cu ratios in the binder phase. Based on the present results, a mechanism for liquid phase sintering in the 90Mo-10(Ni–Cu) system in the presence of two liquid phases is postulated.