hartleys research report, page-2

Hi blades

I particularly like it when Hartley's state that the current MC is roughly the same as the land value that TSV holds in Alberta. (based on recent sales)

Makes the development of Warro pretty good value to TSV being free carried for the first $100 mill.

The valuation scenarios also are pretty conservative with what full development of Warro might do to the share price if all goes to plan - but very important to keep in mind at this stage that success is far from certain so invest accordingly.