I just watched the presentation. Overall it seemed good except a...

I just watched the presentation. Overall it seemed good except a couple of glaring parts that i though reflected quite badly. I'll speak about them here because we all know about the positives of the projects anyway.

First Negative: In every presentation Ian continues to say he has no idea why the TRF share price is so undervalued. I don't think it reflects well to say you have no idea about anything to do with the company. How about doing some more marketing of their potential or finding some other solutions. I understand the point hes trying to make, but just don't believe hes going about it the right way.

(Note: I emailed both TRF and IFE to let them know that recently there had been a large number of exploration companies getting exposure through the local news on TV each night through South Cross Media. I suggested it may be a good idea to contact them and possibly get some coverage as due to the volume i'd doubt all these companies suddenly decided to pay for the coverage. I haven't received a reply from TRF or seem them on the news. While it may not touch a whole heap of investors, you'd be surprised how many mining locals may tip some money in based on some simple news coverage.)

Second Negative: Almost half of the presentation is spent on the positives of the IFE project and how far it has come, how close it is to production and the cash flow advantages that brings. Ian also speaks about how TRF want to get many 'legs' to the octopus going for continual cashflows back into the TRF head. But then in one of the final slides states that its a liquid investment which they can move out of anytime to fund other operations.

This may well be true, but is it really a good idea to state this in one of the final slides which is generally what sticks with people watching a presentation? Particularly when you've just finished saying how you want to grow the legs of the octopus, then state that its easy to chop one off as well?

I can see where Ian is going with it, and think to date he has done a good job of getting TRF and IFE to where they are today. He is actually an ok presenter in terms of not being monotone etc, however i'm not sure who is putting his slides together. It's not the first time a potentially great presentation has been soured by a couple of small negative presentation points by TRF.

In closing, TRF is undervalued, Ian's little reconciliation of Robust and IFE value and showing the discrepency re-iterates that. If IFE is shipping the ore by december, then that undervaluation will be realised IMO. Time to play the waiting game.