half yearly, page-10

I heard about the improved grades second hand through a broker who knows one of the ex directors personally. Didn't push for exact details.

If TMR goes to zero, then we're all foo bar on this, but given the write downs have completely written off all the value in the Iberian resources, and that grades are likley to improve once the lower ones have been mined, this is a reasonable punt at these levels.

TMR/SMC/SMO has been around for ~12+ years. It's not likely to disappear. And copper/commodity prices are not likely to collapse - especially with wars looming, and monetary inflation rampant.

Importantly, market sentiment in the junior/mid tier mining sector seems to be shifting positive and will carry TMR with it.