.. what a stuff up .., page-9

Significant value of course is still there, but what TRF has done via IronClad is reduced TRF's equity for too small an amount.

TRF will hold 50% of IronClad PLUS 20% of the project = in real terms 60% PLUS other mineral credits.

TRF have given away 40% of the project MINUS other mineral credits for in real cash terms $10 million (their 50% equity of IronClad is worth $10 million of the $20 million.)

TRF could have easily raised a not dissimilar amount of cash while KEEPING 100% of the project, and got on with the job of substantially increasing the value of the project and the value of TRF shares.

I hope you can see my point.

It is blatantly obvious by what has followed that:

1. The IronClad float caught the market by surprise.

2. The market does not believe this float at this stage is the appropriate course of action to maximise value for TRF in the project.