Hello All,Worked all day on the following analysis and reading...

Hello All,

Worked all day on the following analysis and reading through TLM documents.

Please note, in my opinion this is a very conservative scenario:

- a long term average iron ore price of USD 75 / t for product sold vs USD 170+ today for TLM iron ore sales (spot 63% is USD 214 / t).
- assumed it takes 2 years to ramp from 5mtpa to 10mtpa. MIN has stated they want to do this faster.
- cash at bank by end of 2022 of 18M (today is 10.5M and increasing faster through royalties than is being spent)
- tax of 30% even but have included the 30+ million AUD of tax losses being carried forward (not including present drilling program)



Interested in posters views, on the NPV valuation.

Tax as minimal impact due to tax losses (another asset not being factored in by the market)

My opinion it looks like 127% upside purely for the royalty.

THIS VALUATION DOES NOT INCLUDE:

1. Any value for gold permits and exploration potential - as per today's announcement.
2. Copper permits (11% copper grade)
3. Any other sale of assets or payment for other royalties received.

Thank you for your comments.