Apart from potential interests in gold and other non Fe minerals at Wilcherry Hill owned wholly by TRF (which have gone completely unvalued up till now) , I think the value of the 20% free carry of IO is also largely under-rated. The 20% remains constant regardless of any further issues of shares by IFE. So the potential dilutionary effects of the 7.5m shares issued to New Page and of the exercise of the 75cent options at the end of March does not apply to the 20% free carry rights. While the dilutionary effects of the additional IFE shares are virtually nil while the IFE SP is in the 80 cent area, they become increasingly significant as the share price increases. I am starting to be impressed by the ability of Finch et al to preserve the lions share of the upside while using others' capital for development ! TRF is looking increasingly like the bargain entry to profits from Wilcherry Hill.
TRF Price at posting:
36.0¢ Sentiment: ST Buy Disclosure: Held
