sign of confidence, page-5

Think about. IMO, this is a great move. It will force the market to value TRF against what it is willing to pay for Iron Clad well in advance of mine start up.

They already have 44 million tonnes plus the potential of another 300 to 600 tonnes.

50% to Iron Clad would be:
* 22M tonnes
* plus 150M to 300M additional potential

Based on their announcement, operational costs are less than AUD$30 per tonne plus transport costs.

Lets assume a conservative operating margin of $20 per tonne, the 22M tonees would equate to AUD$440M - less if you take DCF into account - lets say AUD$220M. Enough to cover the mine setup based on the estimates they have.

So an IPO of 100,000 shares at $1.00 might be the go, for a 50% share of Iron Clad. This would give Iron Clad an market cap of $200M based on 200M shares (TRF would be allocated 100M shares for vending its asset into the IPO). New Iron Clad investors would still have the potential of up to 300M tonnes of additional magnetite.

This would leave TRF other 50% of the deposit valued at AUD$200M plus AUD$100M for their 50% of Iron Clad.

Now I am dreaming ......