TRY is already priced as an explorer with no plant or mill.
Its PER is for 1 year LOM and its total MC is 1 years FCF.
Its an amazing undervaluation and now market thinks there is more to it they havent stated and legacy issues have arisen once again despite all that hard great work for 18 months blown in a few days. None of this was telegraphed at the AGM, the exact opposite.
Stern would be the one behind this and must take the blame, he must have called the CR for the BOD to shore up some spare christmas cash incorrectly confident that these 3-4 INSTOs would take it up now instead of waiting till Jan and releasing more drill results.
We know they have refused CR requests since 2016 at 36c and at the depths of the cash crunch in 2017 so why go now of all times?!
Ken from the jungle would be asking for funds to build the road/bridge and drill like crazy, so wheres the A$14.6M from Q1 and the $5M cash from the refinery pad and the $4M of stockpiles etc etc?!
Wheres the FCF of A$10M from the Q2 production the last 3 months with no Investec repayment made?!
Just use that cash.
The market is asking if there is so much FCF of $50Mpa and all is good, why do they need a paltry $2.5M at christmas & a lengthy NRRI at the same price?! What else is there that we dont know?!