shaws a summary tmr valuation

This summary is on the TMR website.

TAMAYA RESOURCES (TMR)
RECOMMENDATION
@ $0.22 ST: BUY LT: OUTPERFORM
GM

KEY POINTS:

o Copper production in Chile increasing to 1mtpa (12-14kt Cu per annum).
o Achieved 86.2% acceptance of IBR takeover.

o Unhedged copper and gold exposure.

YE Dec2008 F2009 F2010FAdj NPAT ($M) 35.2, 54.2, 45.1PE (X) 5.4,3.5, 4.2Yield (%)0.00.00.0Franking NANANA
Price Target ($ps) $0.38

Tamaya Resources (TMR) recently closed it’s offer for Iberian Resources (IBR), achieving 86.2% acceptance;

Currently expanding it’s copper operations in Chile, with production increasing to over 12ktpa in 2008;

Through IBR, the Company hopes to be producing gold at a rate of 100kozpa at the Lichkvaz project within the next two years;

Base valuation of US$0.25ps (A$0.30 at AUD $0.82);

High probability for resource and mine life extensions;

Upside valuation for the group of US$0.51ps (A$0.62) excluding any additional copper production;

Potential dual-listing and capital management initiatives in 2007. Forecast PE of 3.5 for 09.