08-Jan-2019.  Matthew Sullivan was one of the two main reasons I bought into TNR.  He is a geologist with a superb track-record of finding big commercial gold deposits in prior years, as mentioned in my other TNR straws.  The second reason was their tenements - both the qualtity and locations of their landholdings.  They still own those tenements, but Matt Sullivan has now quit the company.  They announced on January 4th that he had resigned effective immediately, with no explanation - see here.  Matt and his immediate family own or control over 9 miilion TNR shares - see here.  This morning TNR released an announcement titled "Management Changes" - see here - in which they announced that Executive Director Mark Borman would be stepping into the MD role on an interim basis, effective immediately, as well as the appointment of a new lead geologist, Ms Lyndal Money, as Manager Geology.   So Matt Sullivan is now completely out of the picture in terms of TNR, except for his large shareholding (just under 5%).

Anton Billis' Rand Mining and Tribune Resources also still hold just over 6% of TNR.

I'm out.  I sold all of my TNR shares this morning, which had the effect of causing a 20% fall in the TNR share price, due to the lack of liquidity.

June 2018:  Torian has an MD who has previously found a LOT of gold.  They also own land adjacent to some of NST and EVN's best mines.  I'll add more to this straw later.

----------------------------------------

July 4th:  TNR SP still heading south.

http://torianresources.com.au/about-us/company-overview/

Torian’s Zuleika Project lies north and partly along strike of several major gold mines including Northern Star (ASX:NST), Tribune Resources (ASX:TBR) and Rand Mining’s (ASX:RND) 7Moz East Kundana Joint Venture and Evolution’s (ASX:EVN) Frogs Legs and White Foil operations.

Since May 2015, Torian has increased its landholding by approximately 75% in this region via seven separate acquisitions. Torian is now the second largest landholder in this highly sought after region.

Matthew Sullivan
Managing Director
Appointed: 6th June 2014

Matthew Sullivan is an experienced geologist and listed company director with 25 years experience working in the Goldfields of WA. He is one of only 6 geologists in Australia to find more than 3Moz’s twice.

Matthew’s significant discoveries include Kanowna Belle (6Moz’s), East Kundana (3.5Moz’s), Selene (800Koz’s), Safari Bore (400Koz’s), St Patricks (400Koz’s) and in the Leonora region (500Koz’s). He was second in Australian explorer of the year (2010) for the discovery of 500K oz’s in 5 months in Leonora with a total discovery of circa 12Moz’s Au.

http://torianresources.com.au/projects/projects-overview/

http://torianresources.com.au/wp-content/uploads/2016/10/Torian-Report-Final.pdf

http://torianresources.com.au/wp-content/uploads/2017/09/North-American-Roadshow-Aug-2017.pdf

The above is the company spin.  In reality they are very low on funds and desperately trying to find something to provide some cashflow.  Very high-risk stock.  Could easily go to $0.   Or become a 10-bagger if they find something decent.  

Disclosure:  I DID hold TNR shares.  Not any more.  Not pouring any further money into this one at this stage.  The potential was there.  The results have been dismal.  They looked very cheap for a couple of years, but now look like they're most likely going broke.

Jan 2018:  They have severely curtailed their drilling activity now and appear to be trying to make some money from reprocessing old tailings dumps.  Look to be heading further south.

07-July-2019:  Down to 1c and struggling.  Matt Sullivan has left the company.  No reason to be in this one.

Circa January 2019:  See my "Bull Case" straw.  Had heaps of potential.  Results have been dismal.  Will probably go broke.  They have all but ceased their drilling now and are trying to make money from reprocessing old tailings dumps left over from earlier gold mining that occurred decades ago.  This is a company that looked likely to be bought out by NST or EVN in 2017 or the first half of 2018 - due to TNR's extensive tenement holdings around some of NST's and EVN's best mines.  That could still happen, but even if it does, TNR shareholders could (and probably will) still lose money.  None of TNR's drilling turned up anything really decent, and now they're scratching around just trying to stay solvent. 

Due to too many acquisitions, and even more capital raisings, coupled with no significant exploration success, this company has just burned through shareholder's money and the share price has just been steadily falling since 8th Feb last year (2018) when they hit an intra-day high of 10c.  They are trading at 2c now.  Will most probably go to zero (go broke - into voluntary administration).  

07-July-2019:  Now trading at 1 cent per share and can't even get their announcements right - recently had to retract most of a previous announcement - they said this:

"Torian Resources Ltd (Torian or Company) (ASX: TNR) refers to its announcement titled “Positive Scoping Study Completed at Mt Stirling Gold Project” that was released to the market on 16 May 2019.

"Torian wishes to retract the statement of figures relating to production targets including the statement that a “Base case of 103,000t of material to be mined from multiple pits within the project area”. This statement is not consistent with ASX Listing Rule 5.16 as the figures quoted are based upon a low level of geological confidence, being Inferred Resources and there is no certainty that further drilling will result in the determination of Measured or Indicated Resources or that the Production Target will be realised.

"The Company advises that the production target should be disregarded and not relied upon by investors."

And that was the end of that announcement.  Not exactly confidence-inspiring stuff.  Not sure what's going on there now.  Matt Sullivan has gone and I don't think they know what they're doing at Torian these days.  Glad to be out.

The following images are from these announcements and presentations:

http://torianresources.com.au/wp-content/uploads/2018/06/Torian-Resources-Investor-Presentation-June-2018.pdf

http://torianresources.com.au/wp-content/uploads/2018/06/Commencement-of-Infill-RC-Drilling-Program-at-Paradigm-South.pdf

http://torianresources.com.au/wp-content/uploads/2018/05/RC-drill-programme-on-Zuleika-Project-Final.pdf

http://torianresources.com.au/wp-content/uploads/2018/04/Paradigm-North-Results-Board-Restructure-April-2018.pdf

http://torianresources.com.au/wp-content/uploads/2018/04/Paradigm-South-Results-March-2018.pdf

http://www.proactiveinvestors.com.au/companies/news/200433/torian-resources-receives-promising-first-gold-assays-from-zuleika-drill-program-200433.html

This is a highly speculative explorer with no revenue, so expect volatility based on activity and results (or lack of) and capital raisings.  I hold TNR.  If they hit anything decent, there will be upside from here.  Otherwise, they could go to zero.