Breaker 1, I can see your point, however, they (TNG) are fully funded for this year's drilling programme, corporate costs etc etc, and my strong understanding is that they are enormously confident of what they have at Manbarrum. Moreover they view the value of Manbarrum as of earleir this year at over $150m, which is 3 times the current market value of TNG (which has nil debt). The conclusion must be that they know they can raise funds if they wish, and I suspect at a much higher price than current. The distribution becomes a very high reward to shareholders.
I do recall them saying in a presentation that this season's drilling would multiply the value of Manbarrum manyfold. Not many understand what Manbarrum is still. The Sandy Creek pod looks to me like being a 15 to 20mt resource...this is one of the largest MVT zinc pods ever discovered. Moreover they have 4 new anomalies to drill this year, and a 50km strike length. The first drill hole goes straight down the centre of an already proven MVT pod to 200m...absolute no brainer.
I can see that distribution being worth upwards of 15c/share. I suspect the details of the General meeting and clarification of the distribution are not far away. Interesting that they said majority of shares. I am keen to see what this means.
Go THR...looking awesome...up to 49c in Germany on Thursday night......still very cheap at these levels, so the next few weeks could be much fun.
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