I am not a holder, but I looked at the report. To say that there are positives in this document, the rose coloured glasses would need to be very very rose coloured.
1. $10m capital raising - Current market cap is $8.67m - That translates to more than 100% share dilution for current holders at 4c, At 3c it is another 333m shares or 150% dilution. The reason for the capital raising is to pay down debt, not to grow the business.
2. Debt ratio is 78%. BHP does not like to go above 30%. I do not think Terramin have the cash flow that BHP does to service this debt.
3. OCF neg by $3.78m
4. Auditors comments "Material uncertainty regarding going concern and recoverable value of exploration and evaluation asset"
5. P 22 "Going concern" (b) states that prices (which the directors have no control) over must be above a hurdle limit for TZN to meet it's obligations. That says that the directors are betting the company on the commodity prices.
6. P23 "The groups cash flow forecast indicates that further capital raising may be required to fund the groups exploration plans."
In summary, this company is in the intensive care ward on life support and the hospital has some large power bills that are about to appear and there is no cash to pay for them. When the power is cut, the patient dies.
HT1
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Last
4.4¢ |
Change
0.000(0.00%) |
Mkt cap ! $93.12M |
Open | High | Low | Value | Volume |
4.4¢ | 4.4¢ | 4.4¢ | $8.976K | 204K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 59246 | 4.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
4.5¢ | 34061 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 59246 | 0.042 |
2 | 1120160 | 0.041 |
1 | 100000 | 0.030 |
1 | 150000 | 0.029 |
1 | 25000 | 0.026 |
Price($) | Vol. | No. |
---|---|---|
0.045 | 34061 | 2 |
0.049 | 120133 | 3 |
0.050 | 180000 | 2 |
0.052 | 300000 | 1 |
0.054 | 49998 | 1 |
Last trade - 14.50pm 30/08/2024 (20 minute delay) ? |
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