13m buy at 0.7c, page-19

The blind leading the blind.

The maths above demonstrates zero understanding of this EV/Resource oz valuation method on my part. Ignore all the EV stuff.

The 'Enterprise Value' is simply the capitilisation adjusted for financial assets and liabilities divided by the ounces they have access to.

For Torian:
about $15000000 divided by anything between 275,000oz and 3,400,000oz = $54 to $4.40

Now compare the market average value of $107, Torian is unbelievably cheap using this valuation method.

The problem here is the numbers are not adjusted for lack of JORC compliant figures or the cost of establishing production.

However it seems whatever valuation method I use TNR appears to be a real bargain.

If Peter and Ian achieve as much in the next 12 months as they did in the last, I think the market will put it in a new category.

If the stuff in the ground turns out to be in the middle of the range guessed above (900,000oz) and the market decides it is just an average company then the capitilisation should be about $96,000,000 which is a sp of 4 cents.

I think I've conclusively proved I don't understand this valuation thing so do your own research!