cash balance ...... all very good but not really relevant if you...

cash balance ...... all very good but not really relevant if you burn through that cash quickly.
Thats why BEING PROFITABLE AT CURRENT PRICES is so important.

I believe that TRY ticks all these boxes or will very soon with the ramp up.....

BUT The only problem as I see it is that the life of the new mine in Brazil is only 5 years. THEREFORE for TRY to still exist in 5 years it needs to explore and find new gold assets (I am like the market, assigning no value to the iron ore assets here). So a certain amount of exploration expenditure is assumed by the market, which means burning cash at CURRENT PROFITABILITY.

I think once Andorinhas starts producing the cash flows projected , and those cash flows can be directed towards exploration without reducing the all important cash balance, then the market will re-rate