42% fall in SP possible, page-37

Perhaps you better do a side by side comparison between TON and SYR's flake distribution Mainholm. As we would not want to swamp the thread with superfluous info ...like politicians do when trying to evade being pinned on negative aspect.

Just to be clear of the elephant in the room. A tonne of SYR concentrate will not fetch as high a price as tonne of TON concentrate due to the superior % of large flake that Tonne has. Look at the chart above closely.

Further there is no point anyone has raised on the SYR thread which justifies the Mcap of SYR being 14x that of TON I would agree 1.5 to 2x could be justified but not 14x ... Give me reasons which justify a mcap 14x higher ...

Possibles ?

1. First to market, will only be 1 year ...what then after 1 year ?

2. Higher grades and less dig for Syr ... sure but offset by lower value basket of SYR Flake and possible higher secondary processing costs. Also I believe TON has higher grades of V205 and Zinc as possible by products

3. More certainty as closer to production ... Sure but that would explain a doubling of mcap over TON not 14x

4. Deals in place... Sure again double the MCap not 14x ...but you'd be naïve to think that Ton will not be able to sign deals shortly given the superior flake distribution .



All other factors remain the exactly same for both companies, sovereign risk/ govt jurisdiction, and mining laws, taxation royalties, environmental reqmts, infrastructure requirements (water, electricity, roads) , labour market, distance to port logistics, seasons weather even down to the plant required likely to be almost exactly the same.

Nope just can't see 14x the value of TON in SYR... show me where it is ....?