An ASX ann dated 10/12/19 stated that JHT & TON were working closely together to 'finalise' debt funding. 10 months later we're told that obtaining finance is TON's core focus. I remember the mining licence took 9 months. Seems they're very busy optimising the project, as well. Up to this point you'd have to think that TON is setting the benchmark for excellence in optimising.
In between, PC had 2 failed guesses as to when finance would arrive. From my point of view, it's our job to 'guess' about the finance, it's PC's job to 'know' about the finance.
According to the many 'Investor Presentations' i've read, the Ancuabe Graphite Processing plant is a simple modular design. It's going to be built in BRI friendly country. Supposedly China is running out of quality graphite. We're told that the finance interest will be charged at 'mates rates'. So what's the hold up??
It's interesting that PC had discussions with other fund managers (etc) during his virtual conference. Wonder what he tells them when they ask the obvious question?? Curious how SG Hiscock have kept the faith over the years.
I've lost confidence in PC this year. He fails to adequately explain the reason/s for the delay. He also hasn't replied to my email I sent in July.
I'm not spending another Xmas waiting for finance. PC's got till the end of the year for this shareholder.
His 'options' could be expiring if he can't get Ancuabe happening. Pressures on PC!!
Ultraman
TON Price at posting:
5.3¢ Sentiment: Hold Disclosure: Held
