Ann: High Grade Zinc, Lead and Copper Confirmed, page-69

Why do you think this given recent anns and what is planned for coming months?

I must be missing something painstakingly obvious because I don't see any reason to be trading at IPO price given TAO's holding, management team and sentiment of invested parties. Certainly, there is no reason for an almost ~40% reduction in SP following the recent announcement, or to take another view, that there is no cause for a price increase following any of the announcements since IPO lol.

I remain quite convinced that the RvR of TAO is worth a hell of a lot more for a punt than a sub $2m EV gives it credit for...

The supply has just about exhausted it seems and volume is nearly non-existent right now, hard to see it going any direction other than up unless we have another macro-crisis, and even then there's less than a 30% downside risk before we start talking about negative EVs, again maybe I'm missing something, but as far as RvRs go I have this at around 1:10 in the short term (weeks-months) with a downside of 30% and upside of 300% or $28m MC, and potential 1:23-28 (50-60MC) in the mid to longer term (end of the year).

If you start comparing to potential to match neighbours, then allowing for cash burn and a downside of ~60% or down to ~0.8c if underwhelming results before we start nearing break-even EVs again, then for a $100m MC you still have an RvR of around 1:23... including factoring for a reduced cash position for the downside risk...

All IMO, back of the envelope stuff and not financial advice.