# TRH - Transit Holdings



## macca (13 July 2007)

I thought I would add TRH Transit Holdings to the list.

Very speculative as it is early days yet, but with the mania for Iron Ore and the huge area TRH has, with such a small market cap, any success could have big results.

If you go to their prospectus, you can see an experts opinion on their leases. Quite close to a PMM mine which means that infrastructure is not too bad.

Warning : Very Speccy, DD required


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## sleeper88 (17 July 2007)

*Re: TRH Transit Holdings*

SOI: 27.5m 
Options: 6.75m 
Cash at bank: $2.5m-2.9m 
MC: 11m 

Recent rock chip samples from Johston Range and Copper Bore projects

Sample Fe % SiO2 % Al2O3 % P % LOI %
JR001   62.82  2.03 1.00 0.07 6.81
JR002   61.86  1.21 0.42 0.03 9.30
JR007   61.42  4.17 1.57 0.08 6.25
JR004   60.75  3.13 1.75 0.15 7.53
JR005   60.65  2.69 2.11 0.05 8.06
JR003   59.42  5.80 4.49 0.06 4.18
JR008   59.30  2.34 2.66 0.05 10.00
JR006   53.59 14.42 0.45 0.06 8.30

TRH holds rights to 45 tenements, totaling 1000 square km. Majority of the tenements are WHOLLY OWNED by TRH. Strike length of over 35 km of BIF to explore and major field work programme has commenced with aim of delineating haematite drilling targets. 





Speccy, but potentially multibagger with this MC. Any high grade samples and comfirmation of haematite at Johston Range and Copper Bore projects would send this skyrocketing. Given, their large land holding, one can't rule out a JV with one of the majors, in particular Portman, who has a 8mtpa operation in the area.


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## jtb (19 October 2007)

Morning all,

Sorry no pictures or chart - can't attach anything

Anybody want to cast an eye over this?
Stumbled across it due to a link at uni' and looks very interesting imo.

20million shares + 10 million options listed and 10 million shares unlisted.

Fully diluted MC of $15 Mil atm

Nearly $3 million in the bank

Up to *55 km* of DSO (hematite) strike across its tenements with substantial sampling completed with good results. _Particularly the lower silica then I've been seeing elsewhere lately_
Going from the images on their website the BIF appears over 1km wide so that could be interesting...................

Have had external consultants in to analyse the geology and prospectivity  and geophysics team contracted to define the extent of the targets under cover. 
Drilling to commence shortly.

They are surrounded by Polaris/Portman so infrastructure is at the door.

I assume going by their name that once an economic resource is delineated then we can expect them to be gobbled up by one of the neighbours

$100 mil MC would see the SP @ $3.50

Particularly like the sound of the executive director's FMG/Anaconda link and going by the ann's they are very proactive since listing in December.

Nice also to see a chart thats not a hockey stick 

Have recently regained the share price lvl prior to the second half correction and 40c may well become support.
Looks as though it will go off its brain if somebody wants a few.

http://www.transitholdings.com.au/documents/070921_TARGET AREAS FOR IRON MINERALISATION EXPANDED.pdf


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## jtb (19 October 2007)

OK I'm back

Here are the attachments mentioned earlier.

"Richard Monti, BSc (Hons), Grad Dip Applied Finance & Investment, MAusIMM - Executive Director

Mr Monti has qualifications in Geology (Bachelor of Science with Honours from the University of Western Australia) and Finance (Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia).

He has gained broad experience over a twenty year career working in the technical, marketing and financial fields of the international exploration and mining industry. This experience includes exposure to a number of commodities including nickel, base metals, gold, coal, iron-ore, tin-tantalum, platinum group metals and industrial and heavy minerals.

*Richard lead the team that built a 1.8 billion tonne resource base of nickel and cobalt through efficient and innovated resource definition and low-cost acquisition programmes. He also generated the iron ore project for Fortescue Mining in the Pilbara region which has developed into a 2 billion tonne iron ore resource.*

He has worked for a number of international and Australian companies including Anaconda Nickel, RTZ Exploration, the North Group, the Normandy Group and Ashton Gold. During a seven year term at Anaconda Nickel he held General Manager positions in technical, commercial and marketing fields.

Two years ago he founded Ventnor Capital Pty Ltd a corporate advisory consultancy which provides technical, marketing and corporate advisory services to junior and mid-cap listed mining and exploration companies.

He has also held positions on the boards of a number of Australian Stock Exchange listed and private mining companies and is currently a Director of Niagara Mining Ltd and Whinnen Resources Ltd"
.
Nice bold statement in the directors blurb re: FMG don't you think?

According to the website the tenements include both exploration and production permits plus an *application for mining*!!!


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## jtb (19 October 2007)

Got interrupted- new addition is teething

The last two attachments are from an old Polaris ann' and show how the leases border each other and mentions the infrastructure. 
Looks as though a narrow section of the 'copper bore' lease is in JV (TRH 57%)


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## sleeper88 (19 October 2007)

hey jtb..i bought TRH back in july having done some research on their tenaments...they have significant land holdings and have reported some significant rock chip results. They're planning 2 drilling programs one for late 2007 and one early 2008. As you said, they're right next door to portman's    8mtpa opertions, therefore if they can prove up a sizeable resource, it'll make them a prime takeover target. It's too early to talk about TRH as a potential target. I'm looking forward to the drilling programs, surely it'll be re-rated once drilling starts and results are released. Highly held which means if its gona run..it'll run hard, with the market chasing few shares.


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## jtb (21 October 2007)

sleeper88 said:


> hey jtb..i bought TRH back in july having done some research on their tenaments...they have significant land holdings and have reported some significant rock chip results. They're planning 2 drilling programs one for late 2007 and one early 2008. As you said, they're right next door to portman's    8mtpa opertions, therefore if they can prove up a sizeable resource, it'll make them a prime takeover target. It's too early to talk about TRH as a potential target. I'm looking forward to the drilling programs, surely it'll be re-rated once drilling starts and results are released. Highly held which means if its gona run..it'll run hard, with the market chasing few shares.




Hey Sleeper,

Bought a few options on Friday and imagine I'll be able to get a heap of cheapies this week 
The comment re: proving up a resource prior to a takeover was simply an extrapolation of their poxy name.

Who names a Iron/Gold company 'Transit Holdings' ..................

The missus wears a beautiful little nugget I got from out that way (never drilled in the BIF though) - so with luck we'll get a little mineralisation mixed in with all the iron

Like the sound of the director/contacts


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## jtb (21 October 2007)

sleeper88 said:


> hey jtb..i bought TRH back in july having done some research on their tenaments...they have significant land holdings and have reported some significant rock chip results. They're planning 2 drilling programs one for late 2007 and one early 2008. As you said, they're right next door to portman's    8mtpa opertions, therefore if they can prove up a sizeable resource, it'll make them a prime takeover target. It's too early to talk about TRH as a potential target. I'm looking forward to the drilling programs, surely it'll be re-rated once drilling starts and results are released. Highly held which means if its gona run..it'll run hard, with the market chasing few shares.




Hey Sleeper,

Bought a few options on Friday and imagine I'll be able to get a heap of cheapies this week 
The comment re: proving up a resource prior to a takeover was simply an extrapolation of their poxy name.

Who names an Iron/Gold company 'Transit Holdings' ..................

The missus wears a beautiful little nugget I got from out that way (never drilled in the BIF though) - so with luck we'll get a little mineralisation mixed in with all the iron

Like the sound of the director/contacts


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## jtb (25 October 2007)

Morning all, bit of interest coming into Transit this morning - up >30% on the FPO's and options, at the moment


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## sleeper88 (25 October 2007)

jtb said:


> Morning all, bit of interest coming into Transit this morning - up >30% on the FPO's and options, at the moment



adm
great morning so far jtb, looks like the market is taking notice of this iron ore play..FINALLY ..though i must admit it..they need a name change


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## lampard (26 October 2007)

Trying to get in as well guys, top of the queue at the moment... there's top potential here....but 'Transit Holdings'?


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## countryboy (26 October 2007)

jumped in at 46c and then panicked as i watched the sell side dissappear to 3 sellers so put in another bid to help push it above 50c ohh well i have had a run of missing stocks as they took off. Crap name for an IO miner(potential!) but some good ground. Portman maybe interested if they can't win the courtcase with POL.


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## jtb (27 October 2007)

sleeper88 said:


> adm
> great morning so far jtb, looks like the market is taking notice of this iron ore play..FINALLY ..though i must admit it..they need a name change




Hey bro',

Yeah I liked the fact that biggest order for the day went through at 48.5c
The sells on the options @ 25c kept getting cleaned up too.

They must have heard us as I see in the ann' today that we'll soon be "Transit Minerals".

"Goldfields Iron" has a certain ring to it I reckon but anything is an improvement.

I like the fact that the directors are all working for options too with only token salaries- this means their in with us in regards to increasing shareholder value- should be more of it I reckon.

Also impressed with the fact that their seeking approval for a cap raising of >10million shares within 3 months of shareholder approval.
This would be expected to come after *at least* one set of drilling results so we could expect the price may well be north of 50c by then and the minimal dilution will be more than offset by another $5 million in the kitty.

Another 10 million shares would put the MC @ $25 million (@ 50c) and they would have nearly $8 million cash for exploration development, thats alot of drilling and allows them to extend the program without having to watch the purse strings.
I would expect management will be going straight for a JORC resource with this sort of funding  

Welcome Lampard.

Countryboy- the sell side disappearing is a good thing mate


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## lampard (31 October 2007)

You guys see the announcement late today? 

Those grades are very very good indeed, met with some late buying also.

Looking goooooooooooooooood....


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## jtb (1 November 2007)

lampard said:


> You guys see the announcement late today?
> 
> Those grades are very very good indeed, met with some late buying also.
> 
> Looking goooooooooooooooood....




Morning all,

G'day L, Just read it and I like the shedding superflous leases to focus on the iron idea. These guys are'nt going to fluff around and seem pretty gung ho.
Another nice run this morning too btw.

I had to shed some options to cover HLXO's I bought earlier in the week, it now looks like I'l be paying a bit more for them next time around

Cheers


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## sleeper88 (1 November 2007)

Morning all, 

Well they sure heard us jtb  "Transit Minerals" is an improvement..should increase awareness of the company!

Lampard, the rock chip assay results were released progressively over the year, so the results in the quarterly was just a recap. I guess the market is realising the potential TRH tenaments have now. But what is new in the quarterly is they've sourced a drill rig and all they need now is approvals to commence. 2 drilling programs at Muldoon and Bolger have been submitted for approvals! They're also planning to divest gold assets to focus on iron ore..which is great!

Nice rise this morning


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## sandybeachs (3 November 2007)

*rock chip asssys..very hot*

a GREAT effort by the company and exploration manager..

count the number of rock chip samples taken from each prospect..

it's not just a handful, it's heaps and i mean heaps. to date 281 rock chip samples have been taken.

looks as though the exploration team spent plenty of time going over the ground.

<img src=http://www.incrediblecharts.com/userscripts/forums/board-post.plx?action=posting_upload_form&what=show&img=1264601>

<img src=http://www.incrediblecharts.com/userscripts/forums/board-post.plx?action=posting_upload_form&what=show&img=1264599>


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## sandybeachs (3 November 2007)

*rock chip asssys..very hot*

opps that didn't work , anway assay results in recent quarterly pages 9 & 10
==================================================================
a GREAT effort by the company and exploration manager..

count the number of rock chip samples taken from each prospect..

it's not just a handful, it's heaps and i mean heaps. to date 281 rock chip samples have been taken.

looks as though the exploration team spent plenty of time going over the ground.


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## sandybeachs (4 November 2007)

*cant believe it has hardly any shares*

truely amazing coming across a company that has hardly any shares. and an excellent shares price that when more funds required will have minimal impact.

27.5mm ord's (inc escrowed)

12.9mm oppies.

share price 49 cents (recent high 60 cents).

cash on hand $2.6mm

est cash outflows for next quarter $300k

so in effect perhaps no need for cap raising until 1st quarter 2008...

perhaps the next cap raising could only be approx 5~6mm shares say at 50 cents = $2.5mm ~$3mm. plus the on hand cash $2.3mm.

you'd have approx $5mm~$6mm

that would then be fully diluted approx 46mm shares..

boy is this company going to be tightly held.

the above is not the only good news...

lets not forget the most important thing, it's highly prized assets/projects. for further information on their fantastic assets/projects checkout it's latest quarterly..(especially pages 9,10 & 11).

can you just imagine the shareholder value in 12 months from now...

)


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## countryboy (2 December 2007)

lets not forget the most important thing, it's highly prized assets/projects. for further information on their fantastic assets/projects checkout it's latest quarterly..(especially pages 9,10 & 11).

read the report and agree. given the number of shares on offer this could move quickly. FWL has a tighly held book and often flags in value on a very small volume. TRH has danced around the 40 -50 c mark for the last month. With the announcement of any news i expect the share price to move quickly


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## jtb (10 December 2007)

Morning gang,

Nice move this morning, up 12.5c atm

Bit disappointed in Carmichaels 10MT prospectivity but the market seems to be coming round....


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## bigt (21 December 2007)

Transit Minerals - just divested its non-ferrous assets into Southern Cross Goldfields (intended to be listed on asx soon). A very positive move by management, making TRH a pure haematitie play - hopefully some further positive anns and commencement of drilling in Jan will keep the momentum going. I have very high hopes for this one.


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## bigt (7 January 2008)

Good news today, heads up 12.5% on a bad day for the ASX. This stock is so tightly held, only 20 million heads up for grabs. making steady progress.

Just received permission to commence drilling on its highly prospective heamatite projects, secured drill rig and will kick off in "early Jan 08"..which is ..err..round about now.

12m mc (undil).


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## Captain_Chaza (14 January 2008)

TRH is in a Trading Halt

Some go up after a trading halt, 
Some go down 

Anybody care to comment which way this one will go?


Salute and Gods' speed


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## bigt (14 January 2008)

I think it's a placement, to help pay for the rest of the seasons drilling. Just a guess. If so, price depends on placement price. I'm guessing at 50c, so price may come down a little. I dont expect it to stay at this price for long though, once results come in from drilling. Good luck all holders.


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## sleeper88 (14 January 2008)

The 5 day average market price is $0.619. Say they give a max discount of 80% which gives us $0.495. So i presume the absolute min that TRH will raise is $4.95m (if they decide the place the entire 10m). But purely on speculation, if management are good enough, i'd expect them to get a price of $0.55, given the huge demand for IO stocks and the good fundamentals for IO in 2008. If this guestimate is right, i would assume they'd raise approx $5.5m, plus an existing cash bal of $2.4m.


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## bigt (17 January 2008)

Placement at 50c like I thought, Bell Potter, to sophisticated investors. Raised $2m to fund drilling of their haematite prospects. Held up well yesterday, oppies very hard to come by, I cant get hold of any at a decent price! Steady as she goes and nice chart.


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## jaffa (25 January 2008)

This still looks like a good buy to me. Price hovering in and around new issue price which I din't get a peice of. Not seem to have done anything much with the market girations. Early results look pretty good - albeit there is a long way from the whiteboard to the P&L. Thinking about upping my stake - althoughy still a specky.  A good specky though! Any views...

Cheers
Jaffa
No advice just hot air!


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## Captain_Chaza (25 January 2008)

jaffa said:


> This still looks like a good buy to me. Price hovering in and around new issue price which I din't get a peice of. Not seem to have done anything much with the market girations. Early results look pretty good - albeit there is a long way from the whiteboard to the P&L. Thinking about upping my stake - althoughy still a specky.  A good specky though! Any views...
> 
> Cheers
> Jaffa
> No advice just hot air!




Keep your Cool Matey

I am on this one BIG TIME!

20% volume discounts for insiders /Mates Rates are normal
in this line of business

What is not normal is a Posiedon or a Tasminex or even a PDN in modern times

It is good to DREAM!

It is also better to be part of the dream

Salute and Gods' speed


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## xabialonso (14 May 2008)

hi gang..

Is anyone is following this stock?
I was following it at the start of the year when it was strong but it seems to be in the doldrums now..

Any insight?

thanks


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## Bushman (19 June 2008)

What has happened to TRH? Current share price is $0.14 per share. So with 31.624 m shares on issue with 14.917m options, this gives it a fully diluted market cap of $6.5m. Now cash at 31 March 2008 was $3.8m - take of $500k for the June quarter cash burn and you have a current E/V of $3.2m. 

Not much. Even more surpising given they placed 4.125m shares at 50cps to sophisticates in the March quarter. 

There was a comment in the last quarterly post Muldoon drilling results that management are assessing the next stage in the exploration stage. Then nothing else. 

So is this a case of fallen off the radar or is there actually an underlying issue that I am missing? 

At $3.2m E/V with a 15 MT DSO target and other IO prospects, is this due a bounce? It has come down on low volume so it could well be the case. 

As always, DYOR.


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## Bushman (19 June 2008)

Bushman said:


> What has happened to TRH? Current share price is $0.14 per share. So with 31.624 m shares on issue with 14.917m options, this gives it a fully diluted market cap of $6.5m. Now cash at 31 March 2008 was $3.8m - take of $500k for the June quarter cash burn and you have a current E/V of $3.2m.
> 
> Not much. Even more surpising given they placed 4.125m shares at 50cps to sophisticates in the March quarter.
> 
> ...





Just having a final look for the day and seen that Red Rock Resources a la Mindax and Jupiter fame has taken a 1.5m stake in TRH this week. Classic. Cheeky sods have bought the whole stake sub 20cps. 

Will see what this to it tomorrow.


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## countryboy (19 June 2008)

own a small parcel of this stock at an average price i'm too embarresed to admit (or spell correctly)

must have slipped under the nose the red rock acquisition. This will prove to be very interesting !!!


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## bigt (20 June 2008)

Yeah, even tho the SP was falling, there were sonme strange big buys coming in at the top of the queue and being sold into..this must have been Red Rock building their stake. Looks like they see something positive in the large amounts of unexplored land Transit owns. Waaaay oversold from those initial drilling results, which were better than quite a few results I have seen recently from IO explorers. TRH management have been very quiet for the last few months, I have no idea why..there must be something going on, as has been mentioned they have over 3 million in the bank and a sub 6m mc fully diluted. I sense a suprise coming (no ramp intended).


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## YOUNG_TRADER (14 July 2008)

Hey guys,

Have picked up a few of these too

Mkt Cap is absolutely tiny at these levels, 32m shares @ 14c = $4.5m with $3.6m in cash so an EV of $900k 

Good spec Fe projects in Mid West W.A. 

But main reason I took a look is Red Rock buying

So many bargains across the ASX at the moment


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## jaffa (9 August 2008)

Any more views on this I am thinking about upping my modest stake. It is well down on its highs - but so is everything!

As recent posts have noted it is very quiet with some interesting new buyer action recently. Drilling results look sound and still more to investigate! I'm a little perplexed as to why there is not much interest or noise. Management not trying to blow up the tyres in any way - could be good or bad?


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## Andy James (9 October 2008)

Am I right in thinking market cap is now well below cash held by TRH?

I'm very new to all this. Does this represent low risk specy? That is if things don't work out and they dissolve the company, will the cash be distributed and those who purchased shares when market cap was lower then final cash reserves end up coming out even?

This doesn't sound right. What am I missing?


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## bigt (3 June 2009)

TRH is stirring again.

Changed direction to potash in the US - see recent ann. re target of over 2 billion tonnes at a good % (over 20%).

Lots of director buying recently - and they are waiting for approval for exploration permits (cant recall the ann). If approved, I expect this to move significantly. 

One of the directors (Monti) is good friends with Andrew Forrest.

Bit of interest recently and increased volume. Some good early signs, but too early to commit anything substantial for me, still a speccy with tiny m/c. Any thoughts on TRH and potash?


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## nq6 (22 September 2009)

Anyone got any new reports on TRH, up 33% today  and not much said.Not a lot of volume but its a start.Have held this  stock for around 15 months.


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## nq6 (3 December 2009)

Potash approval today  ran up to 46cents   options up to 18 cents . Anybody out there ??????  Hello.


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## sleeper88 (3 December 2009)

nq6, 

I've been a follower of this stock since 07, back in the good old days of the iron ore boom. I bought and sold the majority of my position, but held a small parcel of shares. 

I recently topped up for a couple of reasons: 

1. BHP has openly stated it wants to be a "major player" in the potash industry in the next decade 

See here 
http://www.resourceinvestor.com/News/2009/6/Pages/Potash-juniors-Prime-BHP-takeover-targets.aspx 

2. Potash is on un substitutable product in fertilizers + increasing hungry mouths to feed.  
3. TRH is (so far) unknown to the wider market, hence its low market cap. 
4. Scoping study close to finalisation 
5. Monti and his links with Forrest?

Potential price catalysts IMO: 
1. finalisation of tenements 
2. Scoping study results (soon)
3. ramp up of exploration 
4. JORC 
5. possible name change? (pure speculation, something like Transit Potash, Citadel Potash) 

See these two slides from their US June presentation


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## mosem (17 April 2011)

*TRH*

TRH is on it's way, 2.3 billion tonnes of Potash Sylvinite in Utah.


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## exberliner1 (18 April 2011)

*Re: TRH*



mosem said:


> TRH is on it's way, 2.3 billion tonnes of Potash Sylvinite in Utah.




It most certainly is. The Bureau of Land Management in Utah has already released the confirmation of TRH's access on their web site.

Tomorrow before the market opens we will get the official confirmation from TRH. Plus TRH issued a detailed ANN last week giving their plans for all the potash and RM produced a report suggesting a short term target of AU$2.18 - both on the company's website if you want a read.

Might be an idea to have TRH on your watchlist tomorrow as there will be trading opportunities galore.

I would expect TRH to follow in the tradition of STB, FMJ and ELM, after all 2.3bn tonnes of potash is quite a lot.

Also worth pointing out that TRH is not somewhere dodgy like Eritrea with all the political risk that ensues.

TRH is in the USA, in Utah and the USA as I am sure you are all aware imports 85% of its annual potash use.

TRH will have a ready market sat there awaiting the first delivery.

Personally speaking I can justify a mkt cap in the $100mn - $200mn range as things stand but sadly there are only 45mn shares in issue and no quoted options, so it is not that easy to acquire a position in large size without chasing.

$0.725 at last Friday's close (pre-trading halt).

I wonder what multiple of that price we will reach this week.

And yes I bought some TRH back in March .... now where is my bag counting machine.

EB


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## exberliner1 (27 May 2011)

This report if worth a read

http://www.transitholdings.com.au/reports/TRH_Taylor_Collison_Research_Note.pdf

TRH was up 12.5% today but with only 50mn shares still has a market cap at a fraction of other potash plays.

Some important ANNs are due any day now as the report explains.

I own lots of this stock and have held since March 2011.

Any comments would be appreciated.

EB


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## exberliner1 (17 June 2011)

Simple calaculations give us the following approximate numbers post CR and using today's close:

Mkt cap 67mn X 0.62 = $41.54mn

Of which

Cash = $11.5mn or 17.2c per share

RAD 22.7mn shares at 21c = 4.76mn or 7.1c per share

So cash and RAD are worth 24.3c per share leaving 37.7c per share for EV.

EV is thus $25.3mn

This is still far too cheap.

--

Taking an EV of $50mn as a more reasonable EV in the pre drill stage we would get the following:

EV $50mn = 74.6c per share + cash & RAD (24.3) would give us a fair SP of 74.6 + 24.3 = 98.9c or about 60% higher than where we are now.

Once drilling starts and then once we are awaiting results I would expect the SP to run higher still.

--

For my part I send a big thumbs up to the management of TRH for being able to raise $9.5mn in the current difficult stock market at a price almost double of where we were only 3 months ago.

In a market like we have atm the large gains will only be had by being on board in special situations and from where I sit they don't come more special than TRH.

EB


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## exberliner1 (23 June 2011)

With regard to today's EGM ANN:

I have no problems with the director's options.

They have various conditions attached to them which quite cleverly align their redemption with shareholders interests, as the market price has to be well above the strike price before they can be cashed in.

They are not boring old plain vanilla options.

The point on paying wages by share options also saves money now in 2011 as this allows TRH to pay some pretty effective people lower wages in cash is also valid

The options also will not vest for quite a long time as well so they have both share price and time constraints attached.

As to issuing 21 881 250 shares instead of 17mn - I say good as we'll raise even more cash which shows how much demand there is for TRH's shares at 56c.

Personally I will vote yes to all resolutions if I can do so from outside Australia.

I will have to do my EV calculations again at some point to take into account the extra cash of $ 2 733 500 represented by the extra 4 881 250 shares.

Even then we will only have about 67mn shares in issue and by the end of July an extra $12.25mn in cash with drilling about to start on a huge potash target in August.

To raise all that cash in the current market while still keeping the register tight is a work of financial alchemy imo.

To me this makes TRH even more attractive.

EB


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## exberliner1 (27 June 2011)

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

--

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


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## Gringotts Bank (17 October 2011)

Another 10c tomorrow wouldn't be out of the question.  Tends to gap strongly especially when MMAs are converged as they are now.  Robots are accumulating, I believe.


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## Chasero (17 October 2011)

I've been watching TRH and I still am holding out.

It literally zoomed from 80c to $1.30 in light speed! I'm a bit skeptical, as I'm worried soem billionaire is going to dump it all!


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## ob1kinobi (21 October 2011)

Chasero said:


> I've been watching TRH and I still am holding out.
> 
> It literally zoomed from 80c to $1.30 in light speed! I'm a bit skeptical, as I'm worried soem billionaire is going to dump it all!




Indeed, looks as though someone didn't like the announcement and dumped there holdings.


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