The CTP continues to expand with the revised CTP...

The CTP continues to expand with the revised CTP Update/Quarterly confirming 200+ metre extensions for the Crusade and Ripcord deposits, which significantly increasing the chances of both becoming commercially viable resources.

If you exclude the high risk greenfield drilling carried out on the small stand alone southern leases (Caves Hill and Ferrands Hill), the success rate of the JV's targeted resource extension drilling been exceptional i.e. Groundrush, Hurricane, Jim's and now Crusade and Ripcord all confirmed either significant depth or length extensions. I believe this has been very targeted drilling by NST to confirm their initial geological interpretation and that drilling success to date is likely to further support their interpretation.

Unfortunately TAM's Directors and Management remain mute regarding their interpretation of results also we are still waiting for a response to the February '19 Company Update where the Chairman stated that TAM "is currently in discussions with NST" and that shareholders would be advised of the outcome. Almost a year later there has been no response, however over this period APAC have increased their TAM shareholding by almost 6% so I assume the discussions must have gone OK!

From my perspective there is a major conflict of interest with our APAC controlled board, in that providing shareholders with normal operational information and interpretation would likely to have increased APAC's ongoing share acquisition cost. On the positive side, the resulting very low share price continues to provide cheap access to exceptional resource growth managed by a proven operator.

If you exclude a couple of rallies that were promptly sold down, the SP remains at a similar level as it was a couple of years ago and is certainly not reflecting this run of excellent drilling results achieved over this period or the AUD$ 750 increase in gold price that has significantly enhanced the capital value of TAM's well drilled free carried 25% CTP resource.

In my opinion, TAM has been totally set up for a takeover, the question remains will it be a fair price?

DYOR