Yep that threat of 357million shares (or even a portion) being...

Yep that threat of 357million shares (or even a portion) being dumped on market was what convinced me to sell out.

I'm now confident that medium term (12 months) this has massive potential but there remains a few short term risks (over the next 6 months):

1. What financing terms are we going to be offered since management were entertaining 8.5 cents per share. Somewhat weakens TONs position at the negotiating table and whilst this project is looking good off the back of the DFS, there might not be a lot of suitors lining up to pay the dowry. There will also be dilution as part of the deal but hopefully not 357 million at 8.5 cents.

2. Cash at hand. Without going back to check the last statements I think TON was going to have less than $1.5 million in the bank by the end of the next quarter. I was hoping (and still am) that with the tether cut, we might see that re-rate to 11 cents, then onto 15 cents and if we can get binding offtakes signed by the end of March, past 20 cents. That would put the options in the money and inject some cash, if that doesn't happen management will need to do another capital raise. The other option is tie up financing and get an advance before April/May but not sure that's a rabbit current management are capable of pulling out of the hat.

Unfortunately I think consideration of the WGX Option will be a hang-over for a little while.