Ann: Castle to Reappraise Kambale Graphite Project, Ghana, page-243

CDT v TON graphite peer comparison. TON has a funded graphite mine under development in Mozambique using Chinese money. Here are some interesting fun facts:
(1) TON has completed a DFS incorporating a JORC reserve of 24.9Mt @ 6.2% Total Graphitic Carbon at Ancuabe, now funded by the Chinese for $19.5M for 34.1% interest putting an EV on the deposit of $57.2M, so TON retains $37.7M share that the market values at $45.2M in a country that carries a very high country risk according to various rating agencies. Have not discussed remaining assets which form part of above valuation.
(2) CDT has completed a maiden JORC resource of 14.4Mt @ 7.2% TGC at Kambale, where the resource remains open in multiple directions. Both deposits are roughly equivalent (my guesstimate) in size, with Kambale having a higher grade BUT not having a completed DFS (including drill-out) for funding purposes. As a next step CDT will shortly undertake updated MET studies in Perth to confirm the type and value of graphitic carbon that makes up the deposit AND confirm the terms for a Scoping Study. Samples of carbon could be forwarded to various end users to elicit a potential funding and sale of product source. Note that Ghana carries a much lower country risk than Mozambique. So potential remains for the securing of a JV partner (from Europe?) to fund completion of a BFS and fund mine development. IMHO this could easily double/triple current market valuation of CDT within the next 6 months. Good luck to all longs.