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13.0¢ torrens mining limited

Drilling out an IOCG deposit, completing DFS and BFS etc etc...

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Big Kahuna 101

8,750 Posts.

1377

07/12/21

11:14

Post #: 58124090
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Originally posted by WhatLiesBeneath29: ↑

I actually missed the key points when reading this before which is:

(c) if Coda earns the stage three interest but no decision to mine has been made, Coda will contribute additional expenditure up to $2 million as reasonably required to complete a bankable feasibility study and any other matters needed for a decision to mine being made (i.e. up to a free carry limit of $8.62 million);

(d) within 60 days of Coda either earning the stage three interest or a decision to mine being made, whichever is later, Coda can exercise an option for an exercise price of $1.5 million to earn an additional 5% interest in Elizabeth Creek (to take its interest in Elizabeth Creek to 75% in total);

So it looks like COD now need to spend $2m (or as reasonably required) to get to the decision to mine stage which will then trigger the 5% purchase.

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Drilling out an IOCG deposit, completing DFS and BFS etc etc will costs over $100 mil

They will need to drill the guts out of it.

Realistically another $2 mil is nothing as even if TRN was contributing at that stage it would only account for a $600k saving of TRNs share.

My estimate is that TRN holding the extra 5% up to decision to mine would cost them $5-10mil potentially more.

TRN Price at posting: 14.5¢ Sentiment: Buy Disclosure: Held
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