Ann: Tala Hamza Update , page-23

"Ive been an investor in TZN for a long time definitely to my financial detriment but wait in 'hope' for better times." - ditto Turcin

"There is one thing that the market is ignoring though, despite the blown out timelines if this mine gets into production Terramin is going to be a very profitable company. At the moment you could ascribe their current valuation on what they have at Strathlabyn alone." - Yes Storks, TH valued at 0 by the market and for very good reasons:

1) Costs of construction are going up up up world wide due to increased commodity prices. Anything requiring long term construction is being repriced. As per Ploncka comment: "Can you imagine what we are going to have "unrealistic expectations of next? Project cost?" I'll bet the house on it Ploncka.

2) Missing milestones - as previously noted, by others as well as myself, a boy who cries wolf eventually comes a cropper. Markets are generally forgiving, but a history of misses...big time misses...without someone paying the price (KM anyone??) will get punished. Personally I don't believe a thing that man has to say anymore.

3) Turcin's comment: "The rapid departure of previous CEO and failure to secure another CEO also concerns me" - agreed, see my comment above. Seems this company has an ego at the top. Director's should act in shareholders interests, not KM's.

Just as the market has written TH to zero, I've written this shareholding to zero, but hold nonetheless. Will see how much life they can get out of Angas and drilling to extend that mine life and continued cash flow. This really should be the priority if the company is to survive, not TH, which is a pipe dream many years away, with all sorts of time related geo-political, cost, macroeconomic and management risks attached.