Jibby, I would be if I was red. Tnr has cut away the monger and...

Jibby, I would be if I was red.

Tnr has cut away the monger and malcolm ground, taking them to a straight leonora play. TiCK

Im sure Red would want the tarmoola station also.

Generally a bigger Co like red, would be happy to pay more with less risk. Ie more resource indications.

The other is koth does not become operational till mid next year, so red would have no urgency because can not monetise Tnrs ore presently.

Presently tnr is 24.3m cap.

Monger on float with sp and JV is worth 1m, zag jv would be 1m, cash 4m. 6m

So tnr is really capped at 18m if one stripped out liquids.

Then if the 20m accumulated loss was used to reduce tax by 20m. Tnr is capped at minus 2m.

It would be a wonderful fit for the right player, just on tax saved alone at this price.

Sure its got 130k oz, but rms paid plus 500 per oz for spx.

If we look at that figure the resources are worth 40m atleast.

One must not forget red would just need to open up Mt stirling and truck the ore less than 10km to koth with no real cap cost. .

Again red may never buy tnr, but I wonder where they will spend there 1.6b LOM Cashflow?

Smarts is boost your own resources to lower your costs and Mt stirling is higher grade than koth and starts at the surface, so an easy dig.

Red did buy a resource of tmx for darlot, so they do buy to boost resources.

Again red may never buy tnr. From Tnrs side, if they did want to mine, it would be cheaper economically to use red koth extra capacity.

Either way koth works for both sides just as well.