Hi guys,Just some figures why TMR is going to be a winnerCopper...

Hi guys,

Just some figures why TMR is going to be a winner

Copper production soon to be 13000 t/annum

Copper price US$3/lb
Production cost US$1/lb
Revenue US$85.8 million
minus Production cost =US$28.6 million
Profit before Tax = US$57.2
Tax 30% = US17.1 million
Profit after Tax = US$40.1 million

Gold from Armenia
Production @ 40000 oz/annum
Production cost = US$300/oz
Gold price US$650/oz
Profit befor Tax =US$14 million
Tax 30% = US$4.2 million
Profit after tax = US$19.8 million

Total profit of both Gold and Copper production = around US$60 million

Profit US$60 million = A$73 Million (exchange US$0.829

Assume TMR has 900 million shares after the failed take-over of IBR (owns now 86%)

EPS = A$0.081 per share

Use a PE ratio of a conservative 7 = A$0.567 cts per share

This is in my opinion the basic value of the share as it stands today.
Keep in mind that the Iberian resources will be easily ramped up to more then 100 000 oz per annum

Also that the copper resouces have upside from exploration and an copper oxide resource close to the current mining operations.

The gold assets in Portugal which are not included in this scenario as well as the exploration tenements for gold in Australia. (do your own research and you be suprisedof the value of these)

As I have stated before this is a jewel not recognised by the wider market yet and ready for a nice re-rating.

As for now all I can say this share is cheap a chips.

but not for long, so have a closer look before you have to pay much more.

And for those who still need more evidence, the directors bought not long ago millions of shares between them, out of their own pockets!!!! (see the ASX announcements)

This alone should give you peace of mind.

Good luck to all

jojo