Maiden MRE guesstimates, page-3

the MRE size been clearly telegraphed in the company commissioned and paid for MST research from last month.

the MST report estimates MRE between 500k oz to 1m oz. My conclusion is that management will have proof read and approved the MST report and my guess is the MRE will be between 700-800k oz from the outset. The MRE could have a high grade core of 200-300k oz at 2.5/g or 3/g which would still make it very economical at 99% stripping ratio.

given the performance rights set up what is the benefit for management to immediately get to 2m oz? exactly, none! they have 36 and 48 month timelines to get there.

before accusing me of "downramping" please see I was one of the earliest posters on TSO thread and I continue to be bullish even at 700-800k oz MRE as the MRE can grow over time as more of Ternera and Ternera East gets proven.

TSO will be sold to a mid tier or major producer at some point and it will be at a significant premium to 0.17 aud/share. EV/oz valuation currently is too low. That said I expect no re-rating until MRE is out, this hurdle needs to be cleared first and this should happen by late next month.