Ann: Investor Presentation-TNR.AX, page-23

The Location - There has been $1b worth of acquisitions in recent years in this region of WA and TNR are the second largest land holder in this region behind EVN. Nearby mines are Mt Pleasant (4mOZ) Paddington (2mOZ) Castle Hill (3.8mOZ) Kundana (4mOZ) Frogs legs (0.5 mOZ) and White Foil (1.3mOZ), see page 13 of investor presentation for details of this and how much land TNR have in this region !


The People – Matt Sullivan the managing director of TNR was the one that discovered Kanowana Belle (6.5mOz) and East Kundana (4.5mOZ) so he has the runs on the board and hopefully he can do it again for TNR


The Commodity – they are looking for Gold in the right places and as mentioned above have more land in this region than many other companies who are a lot bigger than them, so given TNR has a mkt cap of sub 20m there has to be a good chance they could go much higher than that with some success with the drill bit which is what this money is being used for.


NST & EVN – given how much money some people have made from NST and EVN over recent years if these guys can execute correctly on the plan and find some Gold or at least drill some nice intersections there is a good chance the punters will start to take some notice of this story and imagine won’t take much to move the share price in the right direction !!!


Share Structure – Post this raise there will only still be 94m shares on issue so at this stage the capital structure is still relatively tight, which to me means if they do have some success with the drill bit this stock could move North very quickly.


Driller’s taking part of wages in TNR stock – the drillers are taking some of the money that is owed to them in TNR paper which to me means they are excited by what they are drilling and realise that if they get it right if TNR was to do ½ or even ¼ of what NST did they will become very rich drillers from Kalgoorlie. It also means they are incentivised to do the job correctly which will benefit both TNR shareholders and those that are drilling for us.


The first sniff of something special could move this stock price dramatically.