SYR or TON? Time to jump ship?, page-28

Hey Prime it's quite simple really- the market is not buying the TON resource estimate and rightly so - too rushed and overhyped in the same "vein" as previous reports. This estimate should never have been issued for the following reasons:

1. Huge wire frame blocks 100m long as a result of drill lines spacing mostly 400m
2. RC drilling (5.5" hammer) 59 of 95 holes resulting in pulverised, composite samples of inaccurate depth - we all know about the KNL fiasco and ASX retractions as a result.
3. Assays only 50% reported so based on 50% visual.

In regard to your TON pit design hypothesis - ref sections from previous reports - the high grade zone is simply a thin vein at varying thickness angled at varying degrees and therefore cannot be mined as a separate zone / pit. Also note the sections show veins of 0% AND 0-5% - the bulk "grey" 5-10%. Therefore only solution is a bulk pit with MIXED grades averaging 10% max.

In contrast SYR has identified 3 x large high grade areas which will be 3 x high grade pits: Ativa 20% pit, Mualia 18% pit, Mepiche 16% pit.

Unfortunately TON has created enough doubt that the market may consider an oversupply and / or leverage in supply contract negotiations.

"you can fool some of the people all of the time...."! But the market is not fooled - only followers of the King!