scoping study, page-4

not sure hoohoo that there has been enough volume for your charts to be totally accurate.

it appears that the sellers on the screen feel bullish too cos they have nicked off now, there is hardly any selling i reckon the scoping study is very close.

to me we need to look at bci to see where tlm could go (assuming that the Fe is the play here)

bci market cap of around 35 mill
tlm around 22 mill

resources are fairly similar but i reckon tlm's is slightly higher grade and with more potential for upsizing.

bci is 6 months ahead of tlm imo development wise and has an offtake agreement in hand

bci's ore is slightly better located and whilst bci's management is pretty good, with the jbm connectiontlm shades it with the management.

so all in all, 43-45 is a pretty good short term target price imo...