Doesn’t look like the market has taken too much of an interest...

Doesn’t look like the market has taken too much of an interest as of late with what appears to be a solid move towards derisking for finance notwithstanding the efforts of The Market Herald and a few other mining websites.

Perhaps given the number of shares on issue those interested have mostly got their fill and then at this stage, with TONs history, more significant buyers won’t come on board until we see project finance.

I’m hoping that with these new DFS numbers that the majority of the finance is either debt or offtake as any further significant issue of shares will drive most of the value of Ancuabe into the ground.

If TON manage to get a high % of debt for Ancuabe, then with the current number of shares on issue and the new DFS numbers, any company valuation should go up at least 10% from those old broker reports and one could argue even a rise from 6 to 7/7.5c might be warranted. But then all this would be dependent on what happens with any placement required.

At least it seems with the small volumes being traded that people r mostly holding on to their shares.

The elephant in the room value wise would have to be Balama/Nicanda Hill with its much more significant resource. I find it a little difficult to believe Shandong Yulong would become so involved with TON without a good chance of getting the Balama North licenses back
and this would add another few cents to the sp imo.

So if all worked out with the above 10c plus may not be out of the ballpark if any major 6c resistance could be broken thru.

Gr