$24.5m ebitda quarterly result! great effort!

Hi All

Looks like Territory Resources is making some decent profits like they did in 2008!

539,000 tonnes mined in the quarter and sold at an ave price of $110 per tonne.

Record Revenue for Quarterly Period for TTY of $67m EBIDTA of $24.5m!

Paid back $17m in debt in the quarter! They expect their current $36m debt to be paid off in 2H2010 to Noble, who is the International Iron Ore reseller for them based in Singapore.

For the Financial Year an increase of 30% in shipped iron ore dirt to 2Mt from 1.6Mt last year.

Iron ore prices should continue to hover between $100-130 per tonne over the next 12-36 months, which means significant constant positive cash flow, profits for further Joint Ventures and Exploration to increase their iron ore or other mineral resource!

As we have known in the past, TTY has another 2-3 years of iron ore underneath their existing mining pit. Due to its high Sulphur content and other impurities it hasnt been economically viable to mine and sell, but as they mention on page 5, it seems that at current iron ore prices, this iron ore deposit may become viable. Keep an eye out for more announcements about this resource.

If we estimate EBITDA of around $80m in 2010/2011 with 265,000,000 shares outstanding. This means EPS of approx 30c . If we estimate 5 times EPS = Share Price that is around $1.50, where TTY was in 2008!

That is a Great Effort by all the STaff at TTY!

Bring it on!