Is this a con job, page-27

My 2 cents here as have seriously been going over my numbers and thought process.

my fundamental valuation based on the reported resource and still using very conservative discount functions still see's a significant upside, but this really is just sticking our finger in the air and I am not going to pretend it is more than that. Until the DFS comes out and then define the reserves viability we will be able to get a better gauge.

So I lean on other fundamental views.

Holders
There is an interesting dynamic between shorts and long insto holders, where there is clearly over 6% of the stock being loaned out there ( as seen in UBS and BAML disclosures). These will be in the hands of large institutional funds. We can't dismiss that fact nor they are increasing their short as seen with UBS disclosure yesterday.
BUT - there are some large very well regarded funds on the other side. Publicly, on the other side. They are happy for their pb's to take this stock and lend it to the short sellers. They are fundamentally positive on this name, and have not moved from this view and even confident enough to let their stock out.
one massive question I have is why did Keheo sell? I can' thine stay answer this and one of the biggest things I am concerned about. Yes, 52million reasons are a pretty good reason, but still seems strange no further discussion about this? Not sure bust up with Tolga (let's be honest they were a bit of an odd couple), and he had to move on soon as the company was moving on, but still doesn't add up and that I don't like.

other issues that really concern me.
DFS - this has been delayed a long long time. This worries me. Off takes will come after a confirmed viable resource.

i still see this fundamental positives in this stock but at the moment not adding. Syrah is now in a no-mans land for mining stocks. They have their resource measured and no more big announcements till they start producing. Not a surprise there is pressure (lmb amplified that), but it is going to be bumpy until this DFS is made.

TON will massively benefit a positive DFS.

i do not hold TON I hold SYR (currently no buying more)