graphene europe's new flagship, page-12

Samwise I think the reason the SP hasn't jumped is that they have not drilled Graphite yet - simple - TON don't even have licenses yet!!!

I can only think of a couple of pure resource company's that are yet to prove a resource with an EV over $10 million (There are a few oilers in highly prospective acerage - but they all have majors floating around and very large highly prospective positions JVs etc and even then only in the $30 million range)

The market is simply not prepared to subscribe value to unproven land - this is the reason I believe TON has been sold off every time it tried to crack 10c

Also they have a large SPP and placement about to hot the market - it will probably take two months to chew through that so don't expect TON to shoot off on the basis of what is happening with SYR

Before you shoot me - I actually hold a small position and really like the potential here - TON is by and far one of the best nearology plays on the ASX IMO - the risk reward is very very good

I have seen nearology plays command 5% MCaps of world class next door neighbors and if SYR continues - taking into account the fact that TON could have nine times the land - the MCap could justifiably pass 20mill before the drill hits the dirt

But let's also bear in mind that until graphite proven on any of this ground TON is a nearology play and carries all the risks associated

I seriously think it is at least a couple of months before anything serious happens here so best to sit back and relax...