where to from here?

Hello Punters

Been holding off on commenting on TOE as the market went through its gyrations. Nice to see a bit of volume isnt it?

22m shares in single transaction could only be OZL or MEP unloading a portion, no one else has a big enough single holding. It would be madness for OZL to do it at this time and why do such a small amount of their holding? MEP on the other hand is a different beast and needs the cash. Simple really.

If you do a bare bones valuation on this stock you get to 20cents pretty easy = NPV wiluna about $0.15/share, cash $0.02/share, and exploration should get you another $0.03/share easy. All assuming Napperby is worth net zip, although I suspect this is a sleeper that will reward patience.

Dont forget that Mega did a deal with the Japanese for 35% of their project for US$49m - Toro's project is very similar so this is another good benchmark. Total project value at say US$140m or A$200m is the equivalent of $0.36/share. Simple really. I am just amazed the market hasnt cottoned onto it.

With minmetals not in the picture the chances of TOE being able to leverage this position is much higher.

Where to from here? Well I am not suggesting $0.36 overnight but this stock will reward those prepared to wait and ride the uranium curve. IMO/ DYOR