Peers Comparison

Hello All,

This is the 3rd post in my opinion worst case valuation series for TLM.

Previous posts can be found at:

1. Cashflow Valuation - 127% upside from today's share price

2. Transaction Valuation - 310% upside from today's share price

Well without further to do - examples of who else explores in the Lachlan Fold Belt and what are their valuations / comparisons.

1. Kincora Copper (ASX:KCC) Mkt Cap AUD 33.19 / application for exploration / Cash at Bank (Last Qtrly) 12 million, hence enterprise value of AUD 21M / no income or cashflow generation will need to raise cash to keep funding exploration.

2. Alkane Resources (ASX:ALK) Gold Production & Exploration - discovery of a large porphyry gold-copper system in September 2019 igniting an exploration frenzy in the New South Wales’ Lachlan Fold Belt, Mkt Cap AUD 654M / Cash at Bank AUD 72.4 /

3. Australian Gold and Copper (ASX:AGC) - listed 20th of Jan, Mkt Cap AUD 13.5M, Cash at Bank AUD 7.9M, hence enterprise value AUD 5.5M, exploration permits do not appear to be within close proximity to where major success has been like TLM's permits.

Numerous others - but nothing particularly interesting I can find.

What is interesting in the number of majors moving into this location, like Newcrest, other development projects in the region includes Junee copper-gold porphyry project held by DevEx Resources (ASXEV) and to the east of the Temora copper-gold deposits owned by Sandfire Resources (ASX:SFR).

Considering the royalty income (so no dilution for TLM holders) and valuation of companies that have applied but not even been granted exploration permits, valuation of companies that found a project / asset to develop and the majors all moving into the region the upside potential for TLM is clearly there.

Have attached embedded links to company documents and references where appropriate.

At worst I do not believe looking at peers that TLM is overvalued. I personally and continuing to buy as I see upside and low risk due to existing cashflow streams and location of assets.

Good luck all !