Reading for Investors, page-17

sure. but you are reading too much into my post. I was simply replying to the tonnage

as for your $20m profit per year over say 400+million shares if producing = 5 cents EPS. you need to do better there

the key with TON is the metallurgy results, which previously were basically a failure

my guess is something went wrong at the lab because the flake size was tiny

that said, SYR does not have the highest flake size so metallurgy is key for TON

personally, I would at least factor in double the opex that SYR has, say $200/t plus transport, say $300/t opex, since everything will be 1/2, imo. 1/2 the grade, double the processing required, etc

also, add at least 50% premium to the capex

similarly, for the V, half the grade, half the margin, double the payback, etc. why bother?

at best, V is only a bi-product, which is why V only mines generally go bust

too bad TON are too busy drilling to 400 metres for no reason while not announcing metallurgy

imo, TON need to announce metallurgical studies to provide clarity to investors

I am not downramping this. just putting on some perspective

if the flake size is poor then producing 200ktpa at $700/t revenue & $300/t opex comes to say 10 cents EPS (factoring in 30% equity for capex)

regards