report today very exciting, page-13

'And NO u dont just start with open pit and progressively design for underground without first knowing what u have over a MIN PROJECT DESIGN LIFE'.

If this is the case why have THR been feeding us this line all along? They said themselves they were looking to mine open pit as soon as possible and investigate underground mining later on. Was the original THR team THAT naive? No, it makes sense to introduce reveues as soon as possible, opening up options sooner.

THR may be under-valued, it may be a steal at these prices, but all we are seeing of late is missed targets on all fronts. That does not auger well for confidence and momentum.

Based on information now presented, there does not appear to be any news due within the next month. At least end of July for further testing of Moly results, end of July at least for U results and a couple of months for offtake agreement (which I know think will be further delayed due to just made announcement about further delays).

Personally if you don't own this stock wouldn't see any driver that would give reason to buy within the next month.