Greg, not much wrong with your maths. Market cap of under $20m market cap for a company that has announced such a positive scoping study and immediately moved to pre-feasibility planning is amazing value.
Potash One in Canada are at similar stage (in pre-feasibility now) and have a market cap on the TSX of C$225m (has been over C$400m)
Interesting comparison between the two markets.
The permit granted to give Transit first go at those potash targets was the crucial permit - the potash is there (not JORC), but already proven (Utah State public record).
Intrepid Mine operating for many years using same technology just 15 km up the road.
Drilling and environmental approvals are all we are waiting for - should be no problem after permit granted in November to give Transit first dibs.
TRH has the funds to drill their planned six holes.
Richard Monti has proven history of delivering projects (FMG, Poseidon)
In about six months or so the PFS will be done.
Sometime between then and now this will re-rate to a value of several dollars. A value of just A$200m will produce a share price of $4. As the project gets close to producion, Greg's number will be closer to the mark.
The fertiliser story will push this higher over next couple of years.
Hard to understand why it hasn't already gone higher, but it will before PFS is out.
Just be patient and hold.
TRH Price at posting:
37.0¢ Sentiment: Hold Disclosure: Held
