Ann: Appendix 3B Conversion of Listed Options , page-9

I think for tnr to be generating sufficient cash flow in 6 months is ambitious.

They will be generating zip until they can process there ore. I think we need to know more about the pilot plant they intend to establish.

The quarterly indicated discussions in SA in august in relation to this.

So unless there is a spare small plant lying around getting it to madagascar and set up in 6 months is a big ask. I believe they were initially targeting 3 tonnes per hour. You can do the maths on this to work out tnr's share and the required grades/operating hours/ recovery rate to be self funded once its up and running

They will also need to pay for it, so assuming cash burn will be constant for the next time period is conservative. So they need to look for more cash than there average burn for the next 3 to 6 months.

Self funded in 12 months may be a possibility but I think 6 is a bit ambitious. If they move out of the trial mining phase this will also incur more costs.

As pointed out by other posters they have various options available to raise cash. Its just a matter of which and how much.

I would like them to raise a significant amount so they can then concentrate on developing the resource rather than working out where the next pennies are comming from every month.

This could be followed by an even more significant raising when they have a confirmed mine life and require a real processing plant and can commence full scale mining.

There will be no profits for a long time to come. Any income will need to be reinvested until mine is fully developed.