42% fall in SP possible, page-41

Thanks Freehold, I think the difference is more a reflection of the market's opinion of TON than anything else. ie. 'why isn't TON 14x it's current price?' rather than 'why is SYR 14 times TON?'

If the deposits are really that comparable then what's holding it back? Or do you think both companies should be sitting at TON's ~$50m MC?

Personally, I think the market is yet to be convinced following the extremely rushed, barely-there drilling campaign last year and management's over-emphasis on having the largest deposit. The constant comparisons to SYR in TON's reporting throughout the period (from memory using Syrah's own graphs) seemed to do more harm than good.

Mainholm - I definitely agree re: potential oversupply, something that hasn't been mentioned so much since Syr expressed it's desire to enter new carbon markets etc. some time ago. With those opportunities stalling (or at least lacking on news) and Syr's intention to produce in the ~200k p.a. area, I think the vanadium by products will be crucial and I'll be looking for strong confirmation in the DFS.

Thanks
PP.