Shares on issue (not inc unlisted oppies) ? 63m Mkt cap (undiluted) @ 60c - $38m Cash at bank - $12.5m Zero debt
EV only - $25.5m
These funds are now being used to secure a drilling contractor and get busy drilling a 4 hole program that will be aiming to define a maiden high grade sylvinite JORC resource of 100mt.
Transit currently has an exploration target of 2.3bn tonnes of sylvinite at 20.8%.
It is anticipated that a drill rig will be on site within the next month with a steady flow of results soon thereafter and a JORC late 4th qtr this year or early 1st qtr 2012 at the latest.
A quick reminder of their potash listed peers on the ASX, TSX and AIM (approx);
So far out of these only STB and ELM have got a JORC compliant resource, thus why their valuations are significantly higher and that is clearly where the big upside will be with Transit in the coming months.
Transit represent excellent value at these levels with an EV of ONLY $25.5m and an active exploration program that will be providing consistent news flow as well as aiming to define a JORC. This has the potential to give those that are invested a very good opportunity to see some significant upside in the short term.
All of this of course does not include their investment in Radar Iron (RAD) that has a current market value of around $4m itself.
TRH Price at posting:
54.0¢ Sentiment: Buy Disclosure: Held
