Ann: Mt Stirling Interim Mineral Resource Estimate Update, page-236

Great analysis as always. What is disturbing and cannot be ignored is the secondary market of free options. This indeed will need to wash through before new investors, retail or instos will come in. There are just way too many of those TNRO too ignore.
The resource upgrade I understand didn’t include some valuable results yet imo it was very poor on expense vrs end result.
Drilling requires money and at some stage you look at the return of resources spent vrs results. I am not convinced of our cash spend per tonnage of results. It’s not feasible too keep and continue bringing these market results to the table with the expense associated. We will need more $ next year and at that point in time TNR will be closing in on the upside > 1,5b shares.
The options have come to bare their ugly face as happens to many companies.
I don’t invest in management who do not perform, I take responsibility of my own investments @G76.
At some stage, TNR had a ‘thought moment’ too issue millions upon millions of options. The only credible explanation from management has been that they were a carrot to investors as advised by obviously Ozzi, whom dumped his options.
I can read a chart and sentiment, TNR will not be back to 4.4 4.9 5.3 before the option expiry of 2/2022 imo.
The management have a lot to answer too regarding their decision making. I for one would not be looking forward to the 4m Tarmoola financing details. How will we pay those interest payments? Maintain Cargil equipment, feed the cattle? They lost the plot and I suggest it was the Ozzi partnership of advisor. This advisor grab for cash just isn’t on. Management should have escrowed or paid the market hourly rate. As a TNR holder I feel very ripped off over this relationship TNR and Ozzi, how many more are out there?
If that’s negative, yes it is without attacking the sooky lalas on TNR.

Flip the coin, what could possibly result in a forward moving retracement? Drilling results yes however we have options hanging over us, NVA investment, Tarmoola financing, lack of funds. Hopefully I have NFI and my call of a MC of 25-30m is near distant news, however many here are hanging their hats off POG and not understanding the lack of cash and unhealthy dilution going forward.