Currently sitting about 40% of AVL's (undervalued) diluted MC/t V. At their $68 tonne contained V, TNO SP is magically... $2.02.
This measure can only be considered for the 3 (discl. all held) HG ASX deposits and still with caution given the steeply diminishing relationship between LOM beyond 20 years and NPV. I should wait to see where our measured comes in before calling a 20y LOM though
All said, at a ridiculous $26/t... even after considering piles of unissued shares it's something I simply can't buy enough of.
Plenty more variables in play but yes, $2 (20c) is a short term target, particularly with cash in the bank for rapid progress. I love that the company isn't shy about hinting at it either.
