Ann: Positive Metallurgical Results For P66 and Ancuabe, page-52

@Names little my thoughts:

1. TON has for a long period of time, particularly during the graphite hype, been the domicile of traders. This has led to a volatile share registry.
2. There are only a defined number of "true" believers in the graphite space at this point in time. These investors have embedded themselves amongst the various graphite plays and seem to be the long term players.
3. SYR - well I can't explain that one, other than shows the importance of institutional support.
4. With a defined number of true graphite investors already taken their positions, any 'decisive' sell off / closure of positions by the traders leaves a whole in the registry (ie. frees up a significant portion of shares to a small investor base that has already taken positions) and there just aren't sufficient true investors in the market to buy.
5. TON is proportionately exposed to the 'trader' sell off because of it's skewed registry (ie. there still must be a few bears caught and looking for chances to get out)

Have to admit it is disappointing, but slowly the register has to be changing.

Agree with what several have pointed out - Finance seems to be the only thing of note that will make a step-change in price. That being said I think it is critical that TON completes a thorough DFS process to widen the scope to as many potential financiers (debt or equity) as possible.

I would not be putting any money on any graphite stock without a DFS. IMO another one will be going back to base camp soon.