Ann: 10.5 Km IOCG Target Defined at Death Adder , page-6

re: Ann: 10.5 Km IOCG Target Defined at Death... Looks like a promising announcement....should be more to come. This is what Ian & co do best; can't say the same about his ability as administrator! TRF value is (at least for now) entirely supported by its interest in IFE. Once IFE gets into production TRF value will naturally rise but the real advantage to TRF as an explorer is the cash-flow from its 20 % free carried interest in Wilcherry Hill. On previous forecasts this translates to $10 - 20m pa over the next few years (and TRF gets that money as of right - not reliant on IFE declaring a dividend). There are not too many explorers in that happy position ! Personally, I see major upside and have reduced IFE holding to buy more TRF. As always, IMO/DYOR.

Good luck all !