Ann: Outstanding Graphite and Vanadium Results from Nicanda Hill, page-119

You need to compare with the Vanadium content in the high grade zones that SYR intends to mine, rather than their global inferred resource. From latest Credit Suisse research report:

- World’s largest producing deposit is Glencore’s Rhovan in South Africa with 72Mt at 0.52% for 360Kt vanadium.
- Balama is 382Mt (M&I) at 0.43% V2O5 for 1.66Mt or about 5x the size of Rhovan and might produce 5-10ktpa.

That's almost double the grade of TON's weighted average of 0.23% V2O5, not to mention their intersection was very thin. Furthermore, is TON able to extract the Vanadium and upgrade it enough to sell at the price premium that SYR's resource can command? And to do so, what amount of upfront capex would be required? Early days, but at this stage it's best if TON does not play the Vanadium card at all.