Interesting, page-11

Thanks Paul. Found it.... Pg 3 of JORC ann's Table 2 if anyone interested.
split into indicated and inferred.
Only 28Mt @ 15% cut off - 16% tgc. 9Mt indicated 19Mt inferred. Still a lot of work to do....

closest i can get to comparing apples with apples is the 12.5% cut off.
56Mt indicated, 260Mt inferred - 13.7% tgc. IMO not bad. Well done TON.

But,

Anyone wanting to compare that with SYR indicated resource at 13% cut off?
Just using measured, not indicated or inferred at 13% cut off

Balama West - High Grade Ativa Zone
11.56Mt 19.8%TGC 0.40% V2O5
Balama East - High Grade Mepiche Zone
25.96 16.4 0.44

including indicated JORC increases the ore volume by about 30Mt at around 15.5% tgc.

or for the overall summary using at least some semblance of a cut off grade (5%).

"The Balama Graphite and Vanadium Project has an exceptional JORC Code Inferred Resource containing 1.15 billion tonnes at 10.2% total graphitic carbon (TGC) and 0.23% V2O5." ....... From Annual report

comparing progress to date... Syrah has 25yr ML with 25yr extension option. Water rights secured. Power to site almost complete. Well advanced on feasibility and scoping studies. Construction starting on the production plant 2015.

TON has a way to go but looks like it has a mineable resource. High fives. Well done.

As far as comparing the capital structure, the number of shares on offer must be considered, TON have a much larger register. Will maintain my Syrah holdings long term for the inevitable dividends. GLTAH.