On very simple maths with IFE holding at 88c.. i give TRF a base value of 50c per share. this does not include it's $7m cash holdings or any of it's exposure to gold/silver/lead!
this is based on:
28 million shares at .88 in IFE = $24.64 million PLUS 20% FREE CARRY in project (IFE 80% worth $75 million) = $18.75 million (free carry so should be worth multiples of this much if you think about the capital costs of stage 2 and massive stage 3!!!
Base Vale = $43,390,000 Shares on Issue = 85 million approx
BASE Share value (excl. cash and other tenements) = 0.51cents per share
when will the market realise this?
good luck everyone.
TRF Price at posting:
39.5¢ Sentiment: Buy Disclosure: Held
