Riddle me this, page-76

Thanks PD, they are the two issues I'm trying to get a better feel on from a modelling perspective. I need some more stats to support my work and time is running short.

I'm doing my own valuation, using a variety of techniques. I've completed a real asset option pricing model which IMO is a better way to look at embedded option value of the resource.

In all likelihood TON may be better off starting small - grow with customer base and have the resource available to meet customer demand volume and product type.

As supply pulls away from China and the demand curve (hopefully) grows TON are in a good position..... So long as they have financial backers of course.

Implied option models are a much more creative way at assessing / measuring / valuing the opportunities in a growth market.

Of course a little theoretical, but the investment committees of funds love this sort of stuff.