Ann: 2nd Quarter Report 2012 , page-11

TZN has increased by 70% in 8 trading days based on today's intraday high with very few posts. I have to admit volume is very low but it's looking promising on a undil. market cap of $10.8m @ 5c. Very little selling pressure is indicative of a sit-tight policy in this quarter.

EBITDA of $4m & revenue up 21% in the year ($31m) despite the downturn in prices. A hedging program amplifies the certainty of cash flow. Yet, the loss of $56m for the half year is the cru, mostly due to a $38m impairment charge.

I guess we'll know more when the interim financial report will be released at the end of the month.

High risk/reward here IMO and the Quarterly does imply confidence but we do need a commodity turnaround and fairly fast. The AUD is also in the wings.

Market cap is cheap for me, but it can get worse.