TSO fair value? Short term target 30c, medium term 60c!, page-319

So TSO has touched 30c (my short term target) in only 4 weeks before having a healthy pullback with the correction in POG. Guys, now we are sitting at above $100M MC, I would like to ask your opinion about a CR and how much should we raise?

I know we are funded for another 10,000-20,000m. But a lot of thing has changed since the last $6M raise:

• Buzzards identified as another major gold system.
• Positive trenching assays for Drone Hill.
• Acquire of new tenements (announcement to be released soon)
• IP survey was proven to be effective in searching for new gold system.
• Ternera grew bigger (large scale confirmed and drilling extended for at least another 5000m)
• Positive "game changing" step out holes north and south of Ternera, with 61m interval of visible gold in hole 51. A lot more high priority area needs to be drilled.

I would vote yes for another CR to add 2 more rigs and to accelerate IP survey of the highly prospective area.

Recently, I've observed a lot of CR in the gold sector and most oftenly the SP marched north afterwards with only a few exceptions. For example, Bardoc had a not so great history and some frustrated SHs even called it Bardog. Recently it raised 25M when it was at around 110M market cap (a serious dilution). SP is sitting just above the CR level and not moving for months.

For TSO, the ultralow RTO is a gift for the early birds. The current discount for being in Chile, a tier 1 jurisdiction, and located in a world class mining region, is hilarious but is also a hidden gem for foreign investors. Please keep in mind the UK, US and CAN investors are happy to pay a premium for Chilean assets. Just because the ASX is lacking of knowledge about Chile does not mean that TSO's SP has to be on sale forever. Matador (owner of Canadian assets) did a CR and attracted huge interests from CAN investors, those who knew the region better than Aussie investors. They raised at 44.5% premium!



Another example is LCL: traded at 6-8c for a long time, had one great assay, immediately raised at 11.5c (initially aimed for $3.5M, actual raise was $10M, $40M over subscribed). SP shot to 20c+ right after the raise!

IMO, I would like us to release the assay for 61m of visible gold. Then do a raise of $20M including 15M placement for insto and 5M entitlement offer.