TNR - Future Market Darling, page-26

Bazarrudin. I based it on fully diluted cap base to get the sp firstly because that will be the case eventually.

Technically sp is twice for the cap if we ignore the options which the asx does.

I worked out a rough valuation on each component, high and low and divided it by shares and options to give sp make up components. Then added them up.

Bullion fx, Mt monger based on potential investment value.

Tarmoola on a pe.

Cash due and received

And tax losses, 30% of accumulated losses.

Tax losses are an asset because if tnr makes a gain on Mt monger, tarmoola or bullion fx, zero tax is due.

Gold, I took a fair oz size and price.

I kept the ozs to what I think q1 jorc may produce, q2 and Q3 farther jorcs not included.