Hi Topwon RWD is TRH's Peer. RWD is a Potash explorer. Market...

Hi Topwon

RWD is TRH's Peer.

RWD is a Potash explorer. Market Cap pushing $70 million. They have not been able to access their ground due to Native Title issues. EV is over $60 million. Close to 69 million shares on issue.

TRH's Potash acquired Dec 2008. 45 million shares on issue. They have a major shareholding in RAD to support market cap so EV is very small. TRH are in negotiations with BLM to access land so that drilling can take place. Oil companies can drill on the land, but TRH can't.

TRH is quickly running out of Peers that are under $100 million market caps and have decent projects. STB, ELM , and AGR have all run recently. FMJ is trying to acquire Potash and has run. RWD is not far from $100 million market cap now. I don't really want to get started on the overseas Potash like Potash One, Western Potash etc. You could almost argue that TRH has gone backwards in the Potash Boom because they achieved value via RAD spin off and not Potash.

I have obviously compared TRH to its higher valued Peers. GMM ran last week (slightly higher undiluted EV than TRH)and AIV is obviously gathering some interest. RDM also has land near TRH but was late to the party.

I have a question for you Topwon. If TRH is a Potash explorer like RWD, should its Enterprise value be higher than $2million? TRH did compare itself to some of its Peers in April 2010 presentation. I would like to see that presentation updated.