Ann: Beer and Co Research Report-TMZ.AX, page-6

Increased activity and sp in fellow Oz tin cos SRZ and ANW reflects improving global tin macros for this sector.

TMZ tin assets and metrics would rate favourably with the rest yet our market cap sits at about one-fifth the size so there is much catch up to do.

Need to get that JORC resource drilling done asap and DFS for relatively easy concentrates production underway asap.

U wld think the drillers who took equity in lieu of cash for drill programs 1 and 2 wld follow up given the excellent results achieved to date.

Also waiting on some gov funding for the gold copper wildcats planned. At least one was supposed to have been drilled earlier this year?

Plenty of upside certainly here but now needs a skilled business manager to move it ahead.

Recent Beer spruik sheet is a start but I see no follow up broker support to confirm beliefs.

At 3.5 mill current market cap is ridiculously cheap but we aint going anywhere unless someone takes up the crusade here and helps the rerate.

Needs cash or equivalent asap and at or greater than the 5c level drillers were happy with.

Disheartening to see something with such obvious potential continue to languish at the lows while the rest of the market moves ahead.

Don't forget the gold emphasis whilst the tin progresses a natural course.

Opinion