TNR chart, page-14

Tnr, is simply going back to correct value. Pre the cr it was 4c. The cr was done at a very step discount at 1.6c

Nova has no place, if any thing occurs, it will be with red. Red has 4m oz and surrounds Tnrs tenaments.

Red goes into production in two years with 2m tonne pa extra plant capacity, so they will be on the hunt to upscale.

This is why drilling up a few hundred k oz under Mt strirling is important in the mix as red can treat the ore under one large mine site if they move.

If tnr drills up, 300k oz, its present cap size per oz will make it a prime target.

It is highly likely based on reds deposit and sons of gwalia going greater than 1 km down.

It is early days, but if Mt Stirling goes down 200m plus at 24m wide, we are looking at a potential 1m oz deposit here.

Red also has goldfields as a 20% holder, goldfields produces 1m oz plus and has far deeper pockets than nova..

Dampier, also could be effecting Tnrs price from the sucess at zuleika which tnr holds 25%. Dampier has more than doubled in price.

Tnr is still sub 25m cap. If results are good, that will be the last time this price is seen. DEG and SPX are good examples value changes on results.

With 15,000m of drilling and multiple sites, I'd anticipate there will be atleast 6 drilling announcments out the next few months.