trf has dream territory, page-9

Lets work out the vaule of TRF's 20% share of 44mt of ore. Please corrent me if my math is wrong.

pg 32 of the prospectus for Ironclad discusses weight recovery. For every 1.6tones of ore you get 1 tonne of concentrate (62%). 44mt x 0.62 = 27.28mt of concentrate.

Page 37 of the prospectus for Ironclad valued the BF grade concentrate at $60.02.

If TRF has 20% of 27.28mt of concentrate, this equates to 27.28 x 0.2 = 5.456mt

$60.02 x 5.456mt = $327.5mil

What if the resource is 600mt?
What if the price of iron goes up?
What if the weight recovery is 70%?
What if the grade turns out to be better?
What if the resource extends beyon 150m in depth?

There is heaps of upside remaining. I'm holding for the long term.