Ann: TNO - Exploration and Corporate Update, page-33

Thanks AMReidIT,
As you allude to TNO is very well priced considering a number of things, which I will touch on below.
- Based on yesterday's presentation it sounds like the team is very commercial and will likely acquire additional tenements through direct applications derisk them and sell. Mgmt have excellent track records in doing so within previous roles.
- It definitely is cheap compared to the Pilbara peers.
- But key for me is the free carry we are getting from RTR's campaign in the very near term.
If the airborne EM survey at Mt Sydney adjacent to Rumble Resources Limited’s (ASX:RTR) Braeside Project highlights similar features, which i believe it will, this will bag from here.
- regardless, simply having the ground we have in the Pilbara, proximal to other explorers, is sufficient to have a large premium to other non pilbarra explorers at the moment and certainly well above the current, minuscule EV. and
- Check out CDT's acquisition in the Pilbarra today of a 79 square km tenement. By comparison, Tando has 463 square km at Mt Vernon (proximal to Abra Base Metal Deposit (owned by Galena Mining, ASX.G1A) and the Newman Base Metal Deposit (owned by Marindi Metals, ASX.MZN)) and 508 square km (contiguous to Rumble Resources Braeside project (ASX.RTR)).

Cheers,