AGM Report, page-2

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Hemmo

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23/05/19

20:17

Post #: 38717888
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Originally posted by gimmegimme: ↑

Apart from the matters covered in the AGM presentation, which we all knew anyway, these are the mains points of interest from PC's commentary:

1) Finance is "imminent". There have been delays caused by the approvals processes on the part of finance counterparties.
2) TON is in "advanced discussions" that will in the near term address the cash bank balance. This sounded to me like the project finance discussions and the operating cash requirements will be resolved at the same time.
3) Unlike other companies TON has opted to raise funds incrementally as and when needed to minimise dilution of existing shareholders. PC stated that, hypothetically (or maybe not so hypothetically), a $20 million equity raising late last year would not have been in SH interests.
4) Costs have been cut as much as possible. IMO PC is worth what he is being paid.
5) The SP has "languished" due to the state of the financial markets and that has made matters challenging.
6) The graphite supply market is firming and future shortages are being spoken of more often in the G industry circles. Consequently, TON will not yet be committing the 50% remaining output to offtake contracts in anticipation of higher prices later.
7) TON is opting for a simple modular design to the Ancuabe plant using some machinery technologies that have been tried and tested for over 40 years. This will lower the execution risk.
8) The mining concession took longer than expected.
9) Pemba port is "perfectly suitable" to TON's requirements.
10) There are presently two gas projects underway in the Cabo Delgardo province of northern Mozambique - near Ancuabe - with a combined capex of $US50 billion. TON is in good company.
11) An upgrade to the mains power network servicing Ancuabe is planned for 2022. Until then Ancuabe will be relying more on diesel generation and solar PV.
12) The Ancuabe DFS specified a 27 year mine life but in reality it will be much longer - something like 50 years.
13) NH JV negotiations have taken longer than expected but, in any event, NH is a long term play that will not be operational soon.

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Thankyou so much appreciate you letting us know. Sounds great
cheers

TON Price at posting: 4.6¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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