Ann: Trading Halt-SYR.AX, page-130

Although a bullish commodity a few years back which caused a good rise in many graphite stocks, the fundamentals have always been an issue for graphite. The first one being the relative small size of this industry . Graphite is only a $1B industry and so with existing producers , the ability for explorers to be successful long term was going to always be very difficult.

TON is the result of this which despite a touted world class biggest deposit , could not yet manage to turn itself into producer from explorer.

The market is now seeing it with lithium where the arrival of cobalt is typically 2 to 3 times as much used in batteries. Resources are at times a demand supply and size of market play. When new potential players come on the scene due to the rise in the commodity , existing producers ramp supply to drop prices and force many a explorer to cash burn ruin. Without an expanding industry size to cater the potential arrival of new players and off takes it is difficult to secure funding to turn into a full fledge producer.