TRO / TNREF Share Capital Structure

"Share Capital" refers to the number of shares outstanding, shares fully diluted, major shareholders, insider ownership, resource value per share and capital investment efficiency. They are windows into the souls of junior natural resource companies. But share structure is arguably the most important consideration for fundamental analysis and value-oriented investors. This is particularly important today, when many junior mining companies are conducting equity offerings at record-low prices, and creating immense dilution for the stakeholders of the company.

If quality and value are paramount to a shareholder, share structure cannot be ignored!

---

Issued

100,348,854

Outstanding

13,478,373

Fully Diluted

113,827,227