World's Largest Known Graphite-Vanadium Deposit Found In Mozambique, page-36

$3m left in the kitty.
SP shows MC of $114m

Will require in excess of $150m in capex and around 2 years of waiting time before mining licence obtained and issued, at best.

So cap raising for the PFS/DFS etc will be next, $3m simply won't get close to what they need.

Therefore SP perhaps reflects this near term cap raise formality.

TON will need/ or should I say try to conjure up a decent sized offtake agreement to underpin the next capital raise.....this would be a smart move and would be the impetus for a SP rerate.

Debt for equity swap is a possible outcome.

Market looking for guidance.