analysis of agm report..., page-6

may I state the bleeding obvious;

"So the 57c baseline figure is purely the 50% in IFE and 10% in ROL. They have 1 mil in cash left... that will last about 2-3 months IMO.

Yet the Cap raise will happen before then to get our Ore out the door and on Chinese shores in a few months."

NOW look up and see the current sp.

57 cents is absolutely meaningless. Forget it: here's reality.

TRF have a million bucks and will need more. We all know what happens when an out of flavor Company anns a CR. The sp gets hammered...correct?

So here we are with a sp of 45 cents looking down the barrel of a CR and the sp will drop when the CR is anned.

What to do?

If the sp were, say, 57cents and the CR asked for 52cents then the dilution would be much less than , say, our current sp of 45 cents and a CR for 40 cents.

Also the lower the sp the lower the CR asking price and therefore the lower the pickup.

The underwriter could be stuck with a swag of shares that it will ultimately dump on the market; over many months if need be.

Bottom line is this; management do the job your paid to do. Now somehow do us all a favour, earn your generous oppies and

do something to drive the share price into orbit.

now, before the 16th.