Project F alone, page-5

Imo incorrect to value this based on project f alone since the whole business intends to ramp up to the next stages.

If this was a company whose sole asset is project F of 600ktpa, then you can so yours estimation.

But since theres more staged developments to come which needs at least us$100m, when they deal the financing it will dilute the sp. And remember, the sp is tied to everything the goes in the business, not just project F in isolation.

I dont think $10m bridging loan is enough. Even if tig forward sale the whole stockpile for a quarter the proceed only enough to sustain 600ktpa production. You need $100m to go to 1mtpa.

You can, however, let tig operate at 600kpta for 3 yrs and do a finance much less than us$100m. But if tig sorts the financinf next year, it will be a big dilution hit to sp, either done with equity or debt (evem riskier since the margin is only us$30 per tonne on average).

Dont mean to discourage anyone. Buy all you want. I dont benefit from hc posters making money or losing money.