Liquid phase sintering (LPS) of powder metallurgy (PM) components is a well-recognised strategy to enhance the densification of pressed-and-sintered compacts. This work reports the investigation on the liquid phase formation when a Fe-Ni-Mn-C-B master alloy (MA) is used as a boron carrier in combination with two iron base powders pre-alloyed with Mo. Through differential scanning calorimetry tests, quantitation of the microstructure with the help of artificial intelligence, as well as measurement of sintered density and strength as a function of sintering temperature, it was possible to unravel the mechanisms that take place before and during LPS. It was confirmed that a cascade of events takes place in the solid state prior to reaching the temperature necessary for a eutectic reaction to form a liquid. Additionally, the pre-alloyed Mo content was identified as a factor that modifies the initiation of LPS but not the LPS mechanisms per se.