# TYX - Tyranna Resources



## purple (30 June 2007)

Allright, Guys...another IPO (at least not a uranium one...shivers).

This is from the website :

IronClad is a new company formed to further advance the exciting Wilcherry Hill iron project in South Australia.

Wilcherry Hill is an advanced iron ore project with a JORC compliant resource of 44.8 Million tonnes with average grade of 36.4% Iron (Fe). The project has an exploration target potential in the range of 300 to 600Mt of iron-rich, magnetite-bearing material.

An independent desktop study, completed in March 2007, concluded that production of 2 Million tonnes per annum of iron concentrate has the potential to be economically viable with relatively low capital and operational costs - compared with other magnetite operations throughout Australia. 

Anyone else from ASF on this one?


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## steven1234 (30 June 2007)

*Re: IFE - IronClad Mining*

Holders of TRF had preferential entitlement in IFE (to a max of 5mil of a total 20mil issued).  I chose to buy more TRF in the current weakness instead of IFE.  TRF holds 50% of IFE and 20% of the resource.  

The IPO closed early oversubscribed.  IFE should head north on listing and TRF should also follow suit.


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## purple (30 June 2007)

*Re: IFE - IronClad Mining*

will be interesting to watch when the trading starts..
especially when the herd has come off uranium and into other parts of the market.


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## Kipp (1 July 2007)

*Re: IFE - IronClad Mining*



purple said:


> will be interesting to watch when the trading starts..
> especially when the herd has come off uranium and into other parts of the market.




I would say Iron Ore has been more boyant than the U sector for the last couple of months.  JMS, PMM, MGX all skying hgh. IPO will do wel intiallyIMO.  Though a 35% Ore body is significantly lower than the other Iron producers I mentioned.


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## Damuzzdu (2 July 2007)

*Re: TRF - Trafford Resources*

Hi Gang,

I posted some info on HC re IFE (IronClad) (Is their an IFE thread as yet??) about 5 days ago and thought I would re-produce it here for ASF members to read. As it is my writing I guess I own the right to re-produce words here 

on 26/6/07 :

"Ok a bit more updated info on Ironclad

Spoke to company....

They are putting together finishing touches for allocations for TRF shareholders, Insto's and general public.

Whilst he would not tell me all, the general public will get very little in this float. They are hoping to announce allocations early next week. This to me sounds positive in that TRF shareholders should be rewarded.

IronClad are hoping to list on or around 5th July, but are in the hands of the the ASX.

Once Ironclad has listed they have a very detailed programme of drilling to announce, which they hope to get underway by early August. They already have 1 rig secured and and trying to get another. They will going full bore on Wilcherry Hill to increase the resource base from the current JORC of 44Mt.

The next 6-9 months is going to be full on in Ironclad.

All announcements would in future be under the Ironclad name and the code....IFE"


..and then I made a follow up 2 days later:

"I was the one spoke to the MD Ken Helstein.

Share allocation might not be completed this week, more likely Monday/Tuesday.

Ken told me that basically they had looked after the TRF shareholders and if you subscribed for IFE shares in the prioirity offer you will get them. He did say that people that bought and dumped around the cut-off date would be....lets say....well actually I'll leave it to you to work out, but they know who did.

There was 5M for TRF shareholders and 15M for retail/Insto's/general public. IFE had dipped into the 15M to fill more for TRF shareholders, thus leaving the retail/general public out of luck. They will get some but only small."



Cheers
Muzz


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## steven1234 (2 July 2007)

*Re: IFE - IronClad Mining*

The 35% orebody is not as bad as it sounds due to the good metallurgical characteristics of the magnetite (ease of beneficiation) which impact favourably on both capital and operating costs.  The magnetite is also of a premium quality and will attract a premium price.  

The desk top study found margins of $27 / tonne for premium product (DR Grade) and $23 / tonne for Blast Furnace Grade.  This was calculated on 44mt.  If the resource should increase to the inferred 300-600mt the upside here is huge.  

The iron resource has yet to be targeted by drilling, all the drill samples used to prove up a jorc resource were those for gold.  There are many untested magnetic anamolies in the tennament.  The new company is raising heaps of $$ to fund drilling.  A great benefit of the current tennament is that there are plenty of historical drill samples for other resources on hand.  Re-assaying these for iron should speed up proving a larger jorc resource, at a fraction of the cost of drilling fresh holes.   

The upside petential is huge, no wonder the IPO closed early oversubcribed.


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## steven1234 (3 July 2007)

*Re: IFE - IronClad Mining*

2007 AMEC National Mining Congress presentation of IFE can be found here:

http://www.ameccongress.com.au/docs/9d Ironclad Mining.pdf


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## Damuzzdu (4 July 2007)

*Re: IFE - IronClad Mining*

Guys,

IFE allocations are in, I got 70% of what I request, which is great!!!!!

Boy this must have been oversubscribed!!!

Float will all things going to plan according my source will occur next Wednesday 11th July.

Exciting times ahead for IFE and this new float. 

Cheers
Muzz


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## purple (6 July 2007)

*Re: IFE - IronClad Mining*

Congratulations Damuzzdu.
IFE should perform well in the current market as they're more advanced and not exploring. 

when they start some PFS on Wilcherry it should run hard.

waiting to see the open.


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## Damuzzdu (9 July 2007)

*Re: IFE - IronClad Mining*

Announcement out today...listing on Wednesday 11th July at 1pm EST.

Iron-Ore plays very hot today, with YML, ROY, TRF, CUL, AGO all having great gains.

Could be very interesting day.

Cheers
Muzz


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## lazyfish (12 July 2007)

*Re: IFE - IronClad Mining*

Hi guys,

I am trying to do a bit of calculation to see the potential of IFE. I am very new at this so most likely I have done something terribly wrong. I would like to know which part of my calculation/assumption is wrong.

*Current Shares*

40,000,003 shares

Options = 7,750,000

Fully diluted = 47,750,003 shares

*Cost/Margin*

Production/transportation cost = BF $34/t, DR $41/t

Current concentrate price roughly = BF $60.2/t and DR $65.89/t. (Morgan Stanley report, also assuming $A1.0= $US0.78, given the current exchange rate this would actually go even lower)

Margin = $25/t (both)

Production = 2 mil ton/yr x $25 * 80% interest = $40 mil/yr
*
Plant + Infrastructure Costs*

Plants + Infrastructure = $188,000,000 (BF), $213,000,000 (DR)

Assuming all funds raised from shares, $213,000,000 (raised) + $47,750,003 * $1.41 (today’s price) = $280,032,750 

That gives a P/E of around 7

Assuming all funds raised from debts, @10% repayment yearly repayment = 31.7 mil, profit a year = 9 mil

That gives a P/E of around 6.7

That doesn’t look right me at this stage, so please tell me what I did wrong…

I do realize this largely depends on how many tons they can produce per year, so is this 2 mil ton / year a very low estimate?

Thanks very much, :hide:


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## AussiePaul72 (21 October 2009)

*Re: IFE - IronClad Mining*

Anyone out there in ASF-land watching or on IFE at present? Its been over 2 years since anybody commented on this thread. 

I've been watching IFE closely for months now and got on board a few weeks ago after doing some research.

A few facts about IFE's iron ore projects:
* Wilcherry Hill *JORC compliant indicated and inferred resource of 60 Mt which readily upgrades to ~70% Iron (Fe)*
* Independent Geologist, Maprock Pty Ltd, indicates an exploration target potential of *300 to 600 Million tonnes* iron rich magnetite bearing material down to a vertical depth beneath surface of 150 metres within the Wilcherry Hill tenements
* Wilcherry deposits contain coarse crystalline magnetite and low silica contents which enable low cost and efficient production of concentrates containing *over 70% Fe with very low impurity levels*
* Discovery of *216 MT JORC compliant resourse at Hercules Project*
* Exploration *potential > 1 Billion tonnes *iron rich magnetite bearing material at Hercules Project alone
* Excellent project location, close to infrastructure and existing Steel Industry at Whyalla in South Australia

IFE company statistics:
* Tightly held stock with only about 40M shares on offer
* Current market cap of only approx $18 M (at sp of 44c)
* $3.65M cash on hand at 30 June 2009
* 52 week high of 48c ....... currently 44c
* Current market depth is 
          20 buyers for 470,276
           6 sellers for 121,988
   3-4:1 ratio of buyers & buying volume to sellers & selling volume

The latest drilling campaign, which started 25 Aug 2009, was to identify and fast track DSO at Wilcherry Hill for early low cost entry to iron ore production. Hopefully release of news on this work is not far away.

In my opinion IronClad Mining (IFE) has a lot of upside in the near future. Anybody else care to comment on IFE???

Good luck to holders


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## jonojpsg (16 November 2009)

*Re: IFE - IronClad Mining*

Hey AP, I have had Trafford on my watchlist for ages and noticed they had jumped a bit lately which reminded me of IronClad.  Of course when I looked at them they had jumped too and with the potential for early DSO/beneficiated mag startup for next year, I thought I had to get on board now.

Looking at the numbers, they appear to be significantly undervalued, most likely from being under the radar for a while and the GFC smacking all the small caps around.

If they do start production next year, a MC of $20m will appear to be chickenfeed.


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## razza12 (17 November 2009)

*Re: IFE - IronClad Mining*

Another move up 18% this morning with 
45 buyers for 619,282 units 	3 sellers for 20,000 units 


On the news of the Weednana Prospect, where excellent DSO grades
with consistent low impurity levels have been reported,
including:
- 28m @ 62.3 Fe% from 20m
- 18m @ 64.1 Fe% from 26m
- 16m @ 62.3 Fe% from 44m

Market cap of 22 mil


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## jonojpsg (19 November 2009)

*Re: IFE - IronClad Mining*

Hey hey, announcement out!  Transport sorted, sounds like it is a reasonable deal ("very competitive freight costs") and only have to truck it 100km.  With a 2MTpa rate starting next September, I have been trying to draw some comparisons with other DSO producers and came up with Atlas, which has low cap cost operations currently ramping towards 2MTpa by mid next year but aiming for 12MTpa by 2012 which I imagine is a lot more than IFE can aim for. 

Also, AGO have a lot of proved up resources whereas IFE don't even have a JORC yet.

However, given AGO is valued at $760m and IFE at $30m, I think there is MAJOR potential for a run on this one 

I hold.


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## razza12 (4 January 2010)

*Re: IFE - IronClad Mining*

Another big announcement out for the company. Metallurgical test work of its high grade iron ore at Wilcherry Hill confirms that simple dry, low cost processing will enable the Company to commence production of 2 million tonnes a year of premium >60% Fe DSO late this year.

Market is reacting well, should be interesting times ahead.


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## jonojpsg (4 January 2010)

*Re: IFE - IronClad Mining*

OK, can anyone out there with more indepth knowledge of transport, eg tigerboi, give us a hand with some rough figure for what this might cost for IFE to get to port?

What will it cost to truck 100km to the rail line - eg how much does a fully loaded semi of iron ore carry, 20 tonnes?  WHat will that cost to haul 100km,$20/tonne?  Make that the assumption.

Then rail around to port, assume say $10/tonne?

Mining costs, say $25/tonne?

Loading costs, say $5/tonne

Total of $60/tonne.

Now, at the low for the financial crisis of $58/tonne, they're losing money

At current spot prices of $100+/tonne, they're making $40/tonne, or $80m a year

Assume an in the middle kind of figure and we have a reasonable estimate (with no idea of whether it is actually reasonable or not) of about $20/tonne net cash or $40m a year.  

Given that IFE have a MC of $40m at todays price (98c), this would appear to be a no brainer.  Please feel free to tell me I have no brain, or make some other informed comments on my estimates


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## condog (4 January 2010)

*Re: IFE - IronClad Mining*

You definitely have a functioning brain 

but...I think your numbers are conservative given the China recovery and inflation problems being reported, plus global recovery taking slight shape....

200Mtonnes at $40-$50 cost selling at $100+ tonne possibley up to $200 tonne = $100M - $300M p.a. operating margin on my early guestimates ....

Worst case guestimate based on current prices initially $50M p.a. best case possible $250M within 12 months of production......

likely expansions as cash flow permits wtih large ore body likely at Witchery Hill and nearby Hercules

In any case with yours or my estimates current new share price still looks relatively cheap....  up 46% today and huge by volums indicate some pressure might be around for a while... in any case enjoy the ride and enjoy the rewards for taking the risk...


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## F-P (26 January 2010)

*Re: IFE - IronClad Mining*

Up ~40% in the past week on no ANN; a fantastic performance, in the face of a generally poor market.

With buyers currently outweighing sellers by approx. 7:1, the market is obviously seeing the value that we all do:



JORC compliant indicated and inferred resource of 60m tonnes at Wilcherry Hill, which readily upgrades to ~70% Fe product with simple dry, low-cost processing.


JORC compliant resource of 216m tonnes discovered at Hercules.


Exploration potential of >1 billion tonnes of magnetite ore.


Commencing production of 2m tonnes pa of premium >60% Fe DSO later this year.


Company management working quickly to fast-track production to take advantage of the current strong market for seaborne iron ore.


Apparent strong interest from potential Chinese buyers.

If we assume costs of $40-60/t (TBC, but seems reasonable based on "low cost" rhetoric), that leaves a margin of ~$70-90/t on current spot iron ore prices.

With a possible annual operating margin of $140-180m p/a, and a current market cap of only $63m, this still looks attractively priced.

Throw in the huge exploration potential and I'm feeling very positive on IFE's prospects!

Disc: I own IFE.


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## jonojpsg (28 January 2010)

*Re: IFE - IronClad Mining*



jonojpsg said:


> OK, can anyone out there with more indepth knowledge of transport, eg tigerboi, give us a hand with some rough figure for what this might cost for IFE to get to port?
> 
> What will it cost to truck 100km to the rail line - eg how much does a fully loaded semi of iron ore carry, 20 tonnes?  WHat will that cost to haul 100km,$20/tonne?  Make that the assumption.
> 
> ...




*Vindicated*  Ann out re estimated costs of $51/t.

They have CONSERVATIVELY used the benchmark price for their estimates of potential margins, but even so we are looking at $28/t margin

So by year end IFE could be raking in $56m a year - not bad seeing as that is their current entire MC!  

If they get spot prices, that could double, which is what their SP should be doing (at least)!!


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## condog (28 January 2010)

*Re: IFE - IronClad Mining*



jonojpsg said:


> *Vindicated*  Ann out re estimated costs of $51/t.
> 
> They have CONSERVATIVELY used the benchmark price for their estimates of potential margins, but even so we are looking at $28/t margin
> 
> ...




This is an exciting prospect for the tiny IFE and TRF whi has 50% owernship plus 20% of whichery hill...

So technically IFE will retain 40% of revenue from Witchery and TRF will obtain 60% roughly...

IFE sp was only 35c or so when Witchary became known to the market and it is now 1.27 or so. So the witchery project has been somewhat priced in already now....

Calcs from a different perspective would be 40% of 56M = 22M additional revenue / 40M shares = 55c net earnings per share..... this still got to do bank  feasability , so still some risk..... if it proceeds its dirt cheap....if it doesnt its dog dear.....  so probably in the ball park at present.....

Once its decides to proceed shorly we would expect a substantial sp rise...

Its a classic risk reward punt.....

Safer to go with TRF which has good exposure but also has plenty of other plays...IMO

TRF has a market cap of $65M so its not much bigger, will get a bigger chunk of the revenue if this proceeds, plus has its other projects...


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## jonojpsg (28 January 2010)

*Re: IFE - IronClad Mining*



condog said:


> This is an exciting prospect for the tiny IFE and TRF whi has 50% owernship plus 20% of whichery hill...
> 
> *So technically IFE will retain 40% of revenue from Witchery and TRF will obtain 60% roughly...*IFE sp was only 35c or so when Witchary became known to the market and it is now 1.27 or so. So the witchery project has been somewhat priced in already now....
> 
> Calcs from a different perspective would be 40% of 56M = 22M additional revenue / 40M shares = 55c net earnings per share..... this still got to do bank  feasability , so still some risk..... if it proceeds its dirt cheap....if it doesnt its dog dear.....  so probably in the ball park at present.....




Uh uh Condog, TRF own 50% of IFE and 20% of Wilcherry, so IFE will get 80% of Wilcherry income, but TRF will benefit by the respective increase in value of IFE.  

Thus 80% of $56m which is $44m/40m = $1.10 per share.  

A VERY attractive prospect IMO and I'm loading up


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## condog (29 January 2010)

*Re: IFE - IronClad Mining*



jonojpsg said:


> Uh uh Condog, TRF own 50% of IFE and 20% of Wilcherry, so IFE will get 80% of Wilcherry income, but TRF will benefit by the respective increase in value of IFE.
> 
> Thus 80% of $56m which is $44m/40m = $1.10 per share.
> 
> A VERY attractive prospect IMO and I'm loading up




Hmm yours is true if they get to retain 100% of earnings.... if however they are forced to pay earnings, then mine is true.... lets meet halfway.... Its a matter of definition.....

One way or the other TRF stand to IMO possibly gain significnatly from IFE, where as IFE may gain significantly and is relient on this project....

Im not saying its not a good investment, just comparing the two...


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## Sa Farmer (3 February 2010)

*Re: IFE - IronClad Mining*

Just thought I would post this information on their web site, they have interesting information, video ect. This stock could be a little gem with the cheap costs on a premium product and a mine that could be starting by years end.


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## Miner (4 February 2010)

*Re: IFE - IronClad Mining*

IFE AND MAU followers

Did you find any thing interesting in a recent report in a prominent newsletter about IFE and MAU with the holding by TRF ?

I read it but can not discuss due to copyright reasons.

I did not see any reflection in market however which normally happens with such speculative report .

Any way I will wait to see what others are saying.


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## jonojpsg (13 February 2010)

*Re: IFE - IronClad Mining*

Have been continuing to hold and watch this.  With 1MTpa locked in (at hopefully near spot prices?) this has GOT to do some major rerating over the course of the year IMO.

Current MC of $57m

Potential income assuming they get a price of $100/t

2MTpa x $45 = $90m x 80% (TRF hold 20%)
                  = $72m.

Now you can't tell me that doesn't look good 

IFF production happens this year and IO price holds up, I predict IFE will sit somewhere between $200-$300m MC by years end  Hang on, I think I;ve just convinced myself to buy more


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## Sean K (14 February 2010)

*Re: IFE - IronClad Mining*



jonojpsg said:


> Current MC of $57m
> 
> Potential income assuming they get a price of $100/t
> 
> ...



jono, is that $72m before royalties and tax and any other little cost after the basic Opex - Sales number crunch? Is your $100/t spot and they are going to sell into spot or are they going to have to forward contract at a bit lower? Any debt to pay off? I haven't read through much of the thread, just checking.


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## jonojpsg (14 February 2010)

*Re: IFE - IronClad Mining*



kennas said:


> jono, is that $72m before royalties and tax and any other little cost after the basic Opex - Sales number crunch? Is your $100/t spot and they are going to sell into spot or are they going to have to forward contract at a bit lower? Any debt to pay off? I haven't read through much of the thread, just checking.




Yep before tax etc.  I assumed current spot of $125 and benchmark of $60 and took something closer to spot, especially given current talk of big 3 ditching the benchmark system!

NO DEBT which is a biggie, so assume royalties of say 3% revenue and 30% tax and we get down to more like $50m.  Still looks attractively price at the mo and if we apply a conservative PE of 5 values them in the middle of my range.


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## matty77 (18 March 2010)

*Re: IFE - IronClad Mining*

too late to hop onto this stock?

does the price already reflect future production of the iron ore?

(yes that is probably a stupid question...)


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## jonojpsg (18 March 2010)

*Re: IFE - IronClad Mining*



matty77 said:


> too late to hop onto this stock?
> 
> does the price already reflect future production of the iron ore?
> 
> (yes that is probably a stupid question...)




While it's always important to DYOR, if you scan back over the last couple of pages, you'll see that IMO the current SP is approx 1/4 of the price I believe reflects fair value IF/WHEN IFE get 2Mtpa trucking out.

Based on their projected cash cost of $55/t and assuming they get $85 (looks likely given push by big 3 for near spot pricing for the year ahead), they will be making $50m net a year (take out 20% for TRF).  That is almost their current MC, so it seems HIGHLY unlikely that Mr Market will accept that ratio.  An appropriate ratio might be 4x earnings, which implies a 4x SP.

All based on current situation though which could change rapidly, given the way the world is!!


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## cornnfedd (18 March 2010)

*Re: IFE - IronClad Mining*

thanks for your reply, appreciated.



ill take a closer look at this stock i think.

thanks again.


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## jonojpsg (8 December 2010)

*Re: IFE - IronClad Mining*

Just a quick heads up on this one - definitely seems undervalued given they will be producing at least 1MTpa @ $40-50 minimum cash margin next year and their MC is currently $50m.

Don't hold but probably will...

http://brr.com.au/event/72376

The presentation details are as follows:
● Intersuisse rate IFE a BUY with NPV of $2.14 - Mr Pieter Bruinstroop, Analyst at Intersuisse
● Presented by Mr Pieter Bruinstroop, Analyst at Intersuisse


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## skc (8 December 2010)

*Re: IFE - IronClad Mining*



jonojpsg said:


> Just a quick heads up on this one - definitely seems undervalued given they will be producing at least 1MTpa @ $40-50 minimum cash margin next year and their MC is currently $50m.
> 
> Don't hold but probably will...
> 
> ...




IFE is 50% owned by TRF. So if you are consider buying IFE you should look at TRF which is trading at a discount to its holding in IFE + others. DYOR


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## ParleVouFrancois (8 December 2010)

*Re: IFE - IronClad Mining*

Adding to what SKC has said, TRF also gets a free carried 20% holding in Wilcherry hill (the short term production, longer term is the Hercules deposit) so potentially TRF should benefit more from Willcherry than IFE. Do the sums yourself and you'll see that TRF is the one to buy if you want exposure to IFE (You also get some free cash and a free project, as well as some ROH shares to thank you for your time).


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## YELNATS (8 December 2010)

*Re: IFE - IronClad Mining*



ParleVouFrancois said:


> Adding to what SKC has said, TRF also gets a free carried 20% holding in Wilcherry hill (the short term production, longer term is the Hercules deposit) so potentially TRF should benefit more from Willcherry than IFE. Do the sums yourself and you'll see that TRF is the one to buy if you want exposure to IFE (You also get some free cash and a free project, as well as some ROH shares to thank you for your time).




Yes, thank you PVF, based on your previous analysis advised on ASF and in your blog after some consideration I took a position in TRF a few weeks ago. Plus have picked them in this month's tipping competition. They haven't moved much yet, but I would think it's just a matter of time.


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## ParleVouFrancois (8 December 2010)

*Re: IFE - IronClad Mining*

RE: YELNATS, if the numbers add up it usually just takes time till value is realised. What convinced me to buy was the fact that not only do you get the arbitrage between the TRF price and book value, the assets that make up TRF's book value are undervalued, so you get a double whammy effect when the assets get priced more accurately (when that will happen I do not know, perhaps closer to production). One thing I always keep in mind is how fast and almost violently MHM rerated this year, this highlights to me that 80% of the time nothing happens in underrated shares, but you've got to be in them 100% of the time to catch that 20% in which prices change very rapidly.


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## jonojpsg (8 December 2010)

*Re: IFE - IronClad Mining*



ParleVouFrancois said:


> RE: YELNATS, if the numbers add up it usually just takes time till value is realised. What convinced me to buy was the fact that not only do you get the arbitrage between the TRF price and book value, the assets that make up TRF's book value are undervalued, so you get a double whammy effect when the assets get priced more accurately (when that will happen I do not know, perhaps closer to production). One thing I always keep in mind is *how fast and almost violently MHM rerated this year*, this highlights to me that 80% of the time nothing happens in underrated shares, *but you've got to be in them 100% of the time to catch that 20% in which prices change very rapidly*.




Aaaaaaarrrrrrgggghhhhhh, you had to mention MHM didn't you!!!    My wife was out about three weeks before they took off after holding at 28c for about 9 months!!!


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## joea (23 February 2011)

*Re: IFE - IronClad Mining*

I have IFE on a specific watchlist, and I think it maybe starting to come out of its sleep.
Cheers


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## bigricho (28 March 2011)

*ife iron clad mining*

Hi would any one like to comment on iron clad mining.
They look good if you listen to their MD Ian Finch.
However I am unsure of their ability to start shipping iron ore by years end as he has stated. They have not even started to develop the mine site yet.
However there seem to be some things in their favor like grade of ore and "cheap" start up expenses.
I am interested in any-one elses opinion.

Thanks:


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## kermit345 (29 March 2011)

*Re: IFE - IronClad Mining*

bigricho, to my knowledge their mine site will need very little development work done on it to get it at the stage where production/shipping can start.

The sell depth on IFE is very thin as it is a tightly held register and I believe that there are only 3 things holding the share price back at the moment. Once these three points are completed/finalised then I expect the SP to start moving. That will be the initial movement, and then if/once production starts and that first cheque comes in, the major re-rating will occur.

The three points to finalise are as follows:

- Capital Raising (currently in progress and almost finalised)
- Rail/Port Access contracts (sounds like almost completed - Ian has been in talks with these facility operators for quite some time)
- Mining Application Approval (expected in august/september)

I suspect once mining approval is reached, development will start at mine site through oct/nov and first shipment late dec/jan. If everything flows through that timeline with no major issues, then the share price has every opportunity and the potential to be well above today's current price.

Just need to look at first year production. Lets say they achieve a margin of $45 on 1mt of ore, thats $45mill revenue. Let's say you take off 40% for costs/royalties/tax which gives $27 mill, then take off 20% which goes to TRF - which leaves $21.6mill.

You have a current market cap of $45mill, so they are earning profit at half their market cap... and thats only in the 1million tonnes ramp up year. Thats expected to double to 2 million tonnes in year 2.

Lets say they traded at a P/E of VERY conservatively 8 once in production. In ramp up thats a market cap of approx $172.8 mill or almost 4 times current market cap, and thats in ramp up.

Definitely do your own research and it is by no means a sealed deal at the moment, but the potential is hard to ignore.


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## bigricho (9 April 2011)

*Re: IFE - IronClad Mining*



kermit345 said:


> bigricho, to my knowledge their mine site will need very little development work done on it to get it at the stage where production/shipping can start.
> 
> The sell depth on IFE is very thin as it is a tightly held register and I believe that there are only 3 things holding the share price back at the moment. Once these three points are completed/finalised then I expect the SP to start moving. That will be the initial movement, and then if/once production starts and that first cheque comes in, the major re-rating will occur.
> 
> ...




Thanks for taking the time to reply Kermit 345.


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## Eager (20 January 2012)

*Re: IFE - IronClad Mining*

I hold IFE.

They were recently granted final approval for operations to begin, and according to company announcements, have pre-sold the first two years of production. Their price has jumped a bit recently, reflecting this.


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## System (4 August 2015)

On August 4th, 2015, Ironclad Mining Limited (IFE) changed its name and ASX code to Tyranna Resources Limited (TYX).


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## greggles (8 November 2017)

TYX been heading north the last couple of days on no news, increasing from 1.6c yesterday to 2.8c today.

The ASX sent them a please explain today and their explanation for the price movement was:



> The Company is the largest shareholder in Kairos Minerals Limited (“KAI”) which is currently in trading halt pending the release of an announcement to be made in connection with further exploration results from KAI’s recent activities in the Pilbara WA.
> 
> The Company is also a major shareholder in Orinoco Gold Limited (“OGX”) which today released an announcement that confirms significant Conglomerate-Hosted Gold Potential over a total strike extent of ~16km at its Eliseo Project.


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## greggles (22 March 2018)

Tyranna Resources announced today that it has signed an agreement to acquire a 100% interest in the high grade Goodsprings Cobalt and Base Metals Project in Nevada, USA, 700kms from Tesla's Gigafactory. The project area surrounds Longford Resources' (LFR) claims to the north and south.

The news sent TYX north, climbing 25% to 2.5c.


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## frugal.rock (3 December 2020)

frugal.rock said:


> September 8, 2020
> 
> A barcode for you...
> View attachment 115748



Reposted from Popping Festering Cankers thread. 
Copyright @Joe90


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## frugal.rock (25 January 2021)

TYX finally gave me the wink and nod of approval as a position opened up.
A speculative entry on 0.008, and a half position.

I think some news is expected out of the Dragon & Knight project, being mainly concerned with Nickel & Copper.

From 24th November, 2020 announcement;

Tyranna’s Director Joe Graziano commented: 
“The Board is delighted that exploration has commenced at the Dragon & Knight Project investigating the nickel-copper potential at two priority targets;
 the Lightning Gossan Prospect and Bullseye Anomaly. 

Assay results are expected in December and the  Company will provide updates when results are available.”

I haven't seen any results yet, but labs have been busy. Previous results in the area do show Nickel & Copper potential. 
Fingers crossed.
3 year chart.


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## frugal.rock (10 February 2021)

Bit of a rush and it gets a speeding ticket... bizarre.
I don't know how the asx decides to pick them, but it sure seems random.


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## greggles (18 May 2022)

TYX back to 1c after announcing on Monday that it has secured an 80% interest in a lithium exploration project in Angola.

Huge dilution of 700,000,000 FPO shares as consideration along with 350,000,000 options exercisable at 1c per share on or before
30 June 2025 and 700,000,000 performance shares, convertible into TYX shares on satisfaction of performance milestones as outlined in the announcement.

Projects in Africa tend to make me very cautious, but the market seems to have embraced this one, at least for now. I wish TYX shareholders all the best, but I won't be jumping into this one.


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## frugal.rock (30 May 2022)

Pop goes the weasel...


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## debtfree (31 May 2022)

My pick for the June Tipping Comp. 

Price jumped up yesterday with increased volume as seen in @frugal.rock's post above. Today, price jump up roughly 40% with even more volume but settled back near where it was at the start of the day.
Certainly some interest and good news announcement.

ASX Announcement today: Confirmation of High-Grade assay from Namibe Lithium Project. 


			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02526151-6A1093441?access_token=83ff96335c2d45a094df02a206a39ff4


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## debtfree (30 June 2022)

Picking TYX for the July Comp. It had a hard month along with the overall market but came to life on the last day of the month to give me hope for July. Good price rise today with good volume, fingers crossed.


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## debtfree (31 July 2022)

A good finish to the month of July up 52.94%  finishing at 0.026. Couldn't finish higher than the bar back on the 31st May so I didn't pick it for the August Comp.


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## frugal.rock (1 August 2022)

debtfree said:


> A good finish to the month of July up 52.94%  finishing at 0.026. Couldn't finish higher than the bar back on the 31st May so I didn't pick it for the August Comp.
> 
> View attachment 144798



If I'm not mistaken, today it has entered what is apparently called "blue sky territory" 😹😘
Perhaps one that @tech/a might be interested in...?


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## Dona Ferentes (1 August 2022)

debtfree said:


> A good finish to the month of July up 52.94%  finishing at 0.026. Couldn't finish higher than the bar back on the 31st May so I didn't pick it for the *August* *Comp*.



But if you had !?!?!


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## tech/a (1 August 2022)

I like


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## frugal.rock (4 August 2022)

Trading paused...
Edit

Tyranna Resources Limited (Tyranna or the Company) requests that a trading halt of its securities be granted by ASX with immediate effect today, on Thursday, 4 August 2022. 
For the purposes of Listing Rule 17.1, Tyranna provides the following information: 
a) The trading halt is requested in connection with its General Meeting to approval the Angolan Minerals project acquisition. 
b) Tyranna requests the trading halt remains in place until the commencement of trading on Friday, 5 August 2022 unless before that time Tyranna makes an announcement in respect to the results of the meeting


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## frugal.rock (10 August 2022)

debtfree said:


> Couldn't finish higher than the bar back on the 31st May so I didn't pick it for the August Comp.



😹
Boo yah! or perhaps it's yah, boo? DF?


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## greggles (6 September 2022)

TYX up around 20% today after Wise Owl named it their Pick of the Year. I haven't been following, but it was around half a cent four or five months ago. So that means it has now seen an almost 800% share price increase since then.

I know lithium is hot at the moment, but unless I'm mistaken so far there has only been rock chip sampling completed on their lithium project in Angola. Seems very early stage but with real potential. With a market cap of $80 million it might be a little too pumped up for an early stage project with no drill holes yet.


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## frugal.rock (12 September 2022)

That's not a gap, it's a chasm.
Highly likely to be filled, soon.


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## debtfree (1 November 2022)

I've picked TYX in the November Tipping Comp. It's had a great run over the last 6 months but will it continue it's merry run  towards Xmas, only time will tell.
Over the last 6 weeks it looks like it's tried hard to fill the gap (chasm) that @frugal.rock spoke about but with that nice bullish bar with above average volume on the 18th Oct it gives me hope.
Volatility has tighten also, so looking for a  move soon for it to continue it's merry run to the upside.


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## brerwallabi (2 November 2022)

Pretty sure read just recently that this was NI’s stock of the year.
The latest announcement from TYX states they have a drill in the ground with a few holes to be on the go.
It might be to early this month for some assay results however December might be very interesting.
Reading initial reports pre drilling, rock chip results are quite encouraging.

The chart shows an encouraging slow rise upwards halted now awaiting assay results.
I took a small position in this last week prepared to hold a while if the initial drilling is successful and leads to a wider program.


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## Miner (7 November 2022)

TYX  released the  drill . Next investors pumped the result. Market had different expectation and it dumped the stock .


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## Miner (7 November 2022)

Miner said:


> TYX  released the  drill . Next investors pumped the result. Market had different expectation and it dumped the stock .



The price has now gone down to 0.031 - started at 0.04 in the morning


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## brerwallabi (7 November 2022)

Ouch, just looked at my stocks for the first time today.
 Just read the announcement they put out, it would seem the drilling period may extend due to water run off which could delay the assay results.
The fact they revised the drill plan for follow up drilling is a positive for me.
The following statement from the company is what you need to hear.
*Tyranna Resources Ltd (ASX: TYX) is very pleased to inform investors that drilling at the Muvero Prospect is progressing and spodumene is visible in drill-core (Figure 1).*

Looks like a lot that joined the lithium bandwagon bought in for a quick return, there is a long way to go yet, so will continue to hold for full assay results.


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## Miner (7 November 2022)

brerwallabi said:


> Ouch, just looked at my stocks for the first time today.
> Just read the announcement they put out, it would seem the drilling period may extend due to water run off which could delay the assay results.
> The fact they revised the drill plan for follow up drilling is a positive for me.
> The following statement from the company is what you need to hear.
> ...



Thanks mate


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## debtfree (7 November 2022)

Not a good day at all today but nearly 97 Million shares traded, someone must be interested and see value in them and be prepared to wait for a return.


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## Technocore (6 December 2022)

How big a deal is this new ceasium discovery ?


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## Haxorus (8 December 2022)

Technocore said:


> How big a deal is this new ceasium discovery ?



Not enough information, so not very big of a deal..


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## brerwallabi (8 December 2022)

Technocore said:


> How big a deal is this new ceasium discovery ?



When you don’t really have great news but you have to put some news out, find something that makes ordinary news a bit better and more exciting.
It didn’t work TYX tanked, no doubt NI will give it a pump over the weekend so we may see it rise again into the 3’s


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## frugal.rock (Monday at 11:33 PM)

Not sure where the FA is with this, but it has been twitching.
No volume signs, but supply is thinning out providing a potential quick runup, before supply catches up.
Will have to catch up with the FA homework...


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