Ann: $6M Underwritten Entitlement Offer to Fast Track Ancuabe, page-34

As you can see from the update $3Mil was not going to be enough to cover the current plans to push work forward while awaiting financing...the problem for Management is there is no date they can put on financing coming through, yet if they wish to keep fast forwarding the project expenditure will continue..the alternative is to stop development spending and put the potential start up date further out and have staff paid to sit around...there is never a perfect solution...

It's the reality for any aspiring producer with no income, the important thing to take away from this raise is it's money being used to further the project while waiting not just to pay wages while waiting...there is a risk that financing may take even longer but that's why they are called Spec stocks, you are betting that Management can pull it off and I certainly wouldn't bet against that..

One thing Management is not going to say is we have a CR ahead of us as without a timeline for finance they don't know and can't speculate on...one look at the quarterly would tell you that unless financing was imminent then more cash would be required...

Management are always going to present a positive picture, it's incumbent on shareholders to look at the books , progress made and make their own decision on what they see...personally I see a very good future with TON but it comes with no guarantee..

Cheers Whisky