Yes I am confident that I have read every post that you have...

Yes I am confident that I have read every post that you have made since early 2017, including your posts today, and every announcement made by TON in the same period.

Where has it been announced anywhere by TON - today's announcement included - that JHT is providing 10% equity investment? You say repeatedly above that this has been announced, but please refer to the specific announcement. The closest thing I can think of is that, following the tender evaluation process, it was stated that Capex was roughly estimated to be between 20% and 25% lower than the Capex estimated in the DFS. This revised estimate, was however, all as a part of MCC's tender which also included such other estimates, which have been shown to be wildly off, as construction and placement of orders of long lead capital items starting in Q4 2018 and first production in 2019. That estimate was also apparently accompanied by a loan with a "major Chinese bank" who provided indicative terms for an EPC linked loan facility at concessional rates. Not one of those estimates, statements or loans eventuated, such that the announcements in which they were made should be viewed with some skepticism. The DFS currently reigns supreme as to what the estimated Capex will be, as any low ball estimate by MCC to get its tender approved will likely quickly be increased by variations during the construction stage to make the project sit around the $100m mark again. Such a view is supported by the fact that each and every announcement which refers to the estimated 20-25% reduction has been highly caveated by such other words as "indicates", "estimates" or "anticipates", yet there is no mention of any fixed price construction contract to lock in MCC's estimated cost reduction.

The only other announcement of 10% equity investment was 14 March 2019 when a non-binding MoU was signed with Qindao Jinhui Graphite Co Ltd which included a direct project level investment of up to 10% in the Ancuabe project, as well as financing and other support. As far as I can tell, Qindao Jinhui, a privately owned company, is not related to JHT, a state owned enterpris.

JHT have done no more than agree to buy from Shandong its holding in TON and purchase $8.5m of further shares at 4.1c, which PC himself has described as the "cornerstone equity" component. The DFS and subsequent announcements have made it clear that funding will be up to a maximum of 85% in debt, and the rest in equity.

There is being optimistic and trying to look at things with a positive spin, then there is being delusional by reading things that aren't there (eg, JHT have put up 10% equity investment) and then putting those visuals into writing to make them seem like a fact.

This $2m is specifically stated as being interim funding, the interest and principal of which is to be repaid upon regulatory approval being granted and receipt of TON of JHT's $8.5m consideration for the shares it has agreed to buy at 4.1c.