Some good points by @tobyjack as always. I explained in my...

Some good points by @tobyjack as always.

I explained in my comment 2 days back why one of the main factors I consider while reading a non holder's comment is whether they are asking questions of SYR. If they do not ask questions of a comparable company to ours in most respects (but still valued 5-6 times ours), then I rarely pay any attention to any questions they may asks of TON.

TJ is the only one so far who has consistently been asking questions of SYR and for that reason, I'd pay attention to any critical questions she asks of TON.

As TJ mentioned, IMHO too, the natural vs synthetic issue is one of the main questions that should be asked going forward. All graphite companies and shareholders (including me) are ecstatic with the batteries story but will synthetic be used instead of natural?

TJ has linked some potential issues with SYR going forward and I'm linking some of her good comments but the same questions can and should be asked of TON in the time to come

Below TJ links an article with a brief summary on some issues with SYR valuation
http://hotcopper.com.au/threads/short-syrah-resources.2510309/?post_id=15228075

In below links TJ asks some critical questions of her own
http://hotcopper.com.au/threads/short-syrah-resources.2510309/page-16?post_id=15237948
http://hotcopper.com.au/threads/short-syrah-resources.2510309/page-32?post_id=15245666
http://hotcopper.com.au/threads/short-syrah-resources.2510309/page-30?post_id=15244873

The entire thread by TJ there is a good read and any TON long termer should keep all these questions in mind if they intend to hold on till 2020. I know that I would be keeping those questions in mind as we go forward apart from my own macro economic concerns which I explained 2 days back.

For now, I'm relaxed with TON as market cap differential was a key component of analysis for me when I started my FA of TON. While the market cap differential has corrected from some 15-16 times to around 5-6 times, SYR market cap is still very healthy which implies that shareholders and instos continue to have faith in SYR. As such, I expect the market to continue to have faith in TON in the time to come. I'd start getting worried if TON's price starts soaring and SYR's starts absolutely crashing. This has not happened; so I'm cool for now.

So to conclude, as a long term shareholder, IMHO TJ has raised some great issues on SYR which should definitely also be asked of TON as time goes by. I'm sure BB and team will proactively address those risks and see how they can manage them to the best of their ability.

I personally don't see a graphite world where SYR and TON crash and other graphite shares do well. So other graphite companies should be hoping that TON and SYR continue to do well and lead the way. IMHO, TON and SYR will continue to be the de-facto market leaders. I've also explained the strong synergies of a TON-SYR merger in the years to come, and await to see what will eventually materialise.

So I continue to be (cautiously) very optimistic on TON keeping in mind that there are valid questions to be asked as time goes by. Any issues raised by TJ IMHO should be duly kept in mind.