I wrote this on the TON thread just before.....
If you only use large flake (the big earner because fines are not worth it)
TON 20% (Large) of 103Mt = 20Mt
KNL 85% (Large) of 14Mt = 12Mt
TON will have ann soon to upgrade, but KNL has an upgrade due this qtr as well.
So, currently if you use a 40% less TON mc, then KNL mc equiv. ~= $129M.
That's at least 4 bags away... before upgrade and vanadium credits.
KNL is quite undervalued.. a lot more digging for TON for only 40% more graphite at the moment. Both good companies but the big money comes with high quality. Don't underestimate KNL (or TON). Hope this helps. Good Luck!
Q. Quality or Quantity?
peer comparisons, from presentation, page-9
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