[Nick Hargrave]

https://www.londonstockexchange.com/news-article/TGR/operation-and-trading-update/16173140

There is notable positive progress to note in this update despite the ramp up, as they have a want to do, continuing to not prove a linear route to overnight success. Pricing has been maintained in a difficult market and revenues increasing to a point where the company should be cash flow positive, to the point it is (hopefully) able to now secure debt financing for production upgrades.

The market will likely, of course, focus on the fact that the company remains working capital constrained and there is no mention of cash levels and profitability in the update. This missing information tends to reinforce a negative narrative in place by raising the question about why it hasn’t been disclosed.

We continue to admire management’s tenacity in making sustainable progress without diluting shareholders in recognition that the market valuation is not a true reflection of intrinsic value at this point

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