Ann: Notice of General Meeting/Proxy Form, page-3

IMV this valuation is an absolute waste of shareholder funds and reminds me of the (friendly) April 2018 BDO "preferred valuation" of 4.1 cents when a 38% interest was transferred to APAC from a related HK holder. The current BDO "preferred valuation" of 5.6 cents continues to focus on old historical information, when in reality the important issue for shareholders is the likely profitability of developing the Goldrush deposit and can only be valued by using a discounted cash flow (DCF) approach which would be in absolute alignment the new JV agreement and the shareholder vote.

There is little doubt that by using conservative plant reconstruction costs with say a 150kozpa (75k TAM share) output as previously advised by NST, it would provide shareholders with much more meaningful information to evaluate the benefits of the new JV terms. This form of valuation would provide a much higher valuation (probably over 10 cents?) and certainly explains why the current SP is well above this meaningless valuation.

To me, this is just another example of (APAC) directors doing everything they can to restrain TAM's share price.

DYOR