So we issued 6.6mn shares not the 6 881 250 envisaged, we really...

So we issued 6.6mn shares not the 6 881 250 envisaged, we really need to do new EV calcs in that case, one for where we stand now and another for where we stand after the EGM and an issue of a further 15mn shares.

It would appear the the total issue is now 21.6mn shares and not 17mn as originally discussed in ANNs.

So currently things looks like this

Existing cash on balance sheet $2.9mn ($3.3mn minus $400k for this quarter.

New cash following issue of 6.6mn shares at $0.56
$ 3696 000

So cash on balance sheet as at the end of the quarter will be $ 6 596 000

RAD shares: 22.7mn at $0.20 = 4 540 000

Number of shares in issue now 52 765 474

So as we stand right now we get

Cash and RAD shares value = $ 11 136 000

Value per share represented by RAD and cash = $0.21

Current share price $0.56

So EV is $0.35 X 52 765 474 = $18 467 915

So those selling their newly acquired shares today are placing an EV value on TRH of $18.4mn .... what an absolute bargain for those buying them

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Post EGM and another 15mn shares issued at $0.56

Number of shares in issue will be 67 765 474

Cash on balance sheet won't have changed much as we will not have started drilling by July - drilling is scheduled for August.

So new cash will be $ 14 996 000

On the basis that RAD is atill at $0.20 we get the following

Cash and RAD shares are worth $19 536 000

New number of shares in issue 67 765 474

Cash and RAD shares per TRH share = $0.29

EV thus $0.27c per share or $ 18 296 678

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Bearing in mind the size of the deposit and the existence of Sylvinite in the existing historic bore holes this has to be the one of the most undervalued stocks on the market.

TRH is also unusual because it is not just sitting on a huge resource - they are actually doing something with it.

Also bear in mind that my EV calculations are very conservative as I have not included the 12.7mn RAD options as we are at the strike price and not above it. These options should be worth a few million in time once RAD's share price recovers.

If anyone disagrees with my numbers do tell.

Otherwise I hope I have illustrated some of the value in the company behind the current smoke and mirrors that always come into play during and post a capraising.

EB