Plan B does not mean we give up on the Chinese financing but...

Plan B does not mean we give up on the Chinese financing but rather promote TON's other assets as separate entity or projects. The way I see it TON does not have or completely given up on developing a clear Business Strategy and Risk Management.

Ancuabe can still be use for the Chinese market targeting expandable graphite and getting involved / JV in downstream manufacturing activities which was previously mentioned. But one question I like to ask is why are we so dependent on Jinan for financing alone since the Bankable Feasibility Study already confirms the project viability on a stand alone basis with already 50% off take in hand. Additionally PC has previously claimed he got no problem getting customers for the remaining 50%.

So if 100% of the projected production of 60,000 tons can be sold, why is TON management unable to get alternative financing?

Nicanda Hill / Balama North - This should be targeted to preferably to non Chinese markets like the Japanese, Koreans and the Europeans for non expandable graphite applications. There has been numerous projections on the shortage of graphite if the battery markets does takes off based on the many giga battery plants to be built in the years ti come so why is TON management not working with any potential partners? What happened to all the testing done with numerous companies like to the Japanese and the Europeans? What happened to our marketing consultants in Europe?

Technical Expertise and Innovation - TON need to tie up with key institutions/universities/companies or technical experts to move the company up the food chain rather than remain a passive mining centric set up. Take a look at EGR (I do not hold) multi prong business strategies working with multi international partners and government agencies. Who are TON's partners aside from Jinan?

The above are not new. I think TON management has focused too much on getting finance from Jinan that they have lost sight and gotten too dependent and relaxed the Chinese party will do all the work and hand them the money. I personally don't think so and I believe Jinan is used as a strategic front with its 34% to ward off other investors and contained TON's world class assets for China's future use alone. I certainly hope to be proven wrong.

So where does it leave us?

TON need to urgently diversify and refocus on getting alternative financing based on the BFS viability while we await for Jinan financing confirmation. Right now we are all feeling like sitting ducks and hoping TON will not be taken over for cheap. We all know this will happen if Jigao keep delaying funding news. NO independent and good business manager will allow this to happen UNLESS they are party to a takeover plan or their hands are tied.

In my opinion TON need to bring in a very good Business Development Manager (preferably with MBA) with proven connections in global business to promote TON's world class assets to any potential partners. This person need not be from the mining industry but one which understand the current market developments link to any graphite applications. With the CFO doubling up as CEO this is more imperative if the former may not have the time nor the capacity to focus on business development.

TON have world class resources in graphite and vanadium but do we have the right human asset to maximise its potential? The current management assuming are capable for what they are doing but are they good Businessmen? You can have good managers but may not necessary be good businessmen. Some can manage businesses but are not capable in developing and bringing in new businesses.

Some will say we need the money for all the business development work but just ask yourself what happened to all the CR money we raised over the years???? The company is already paying nearly a million bucks salary annually for managers for the past few years and Directors getting 60K each. If both the current management and board care for the well being and success of the company and yet find it difficult to bring in financing and new partners, should they at least take a pay cut and invest the money to hire a capable Business Development Manager?

Either way it is better than a slow death for TON if Jinan decides delays financing.As for the current set up, it is not good enough for a CEO to show success for getting one part of the business right. A CEO success is measured for the entire company success and (eventual) profitability and this include all aspects of the business. No two ways about this.

If the current board and management do not have the right experience or the capacity then get the right people in to do the job. TON cannot remain a ONE HORSE trick depending on ONE single entity to survive. THIS IS NOT GOOD AND STRATEGIC BUSINESS MANAGEMENT.

No successful and experienced businessman will sit and wait dependent wholly on a singular funding opportunity for the company survival.

TON need Plan B for both Financing and Business Strategy. TON has been in doldrums for years so NO more COVID BS.

All my humble opinion.