I did some calcs based on a few assumptions (consistent with...

I did some calcs based on a few assumptions (consistent with methodology for calculating figures for MNS) and what numbers are available from TON's scoping study. I calculated their estimated earnings at $0.04 per share in their first year of prodn assuming 200kt offtake. But if they can only sign 100kt offtake which might mean smaller scale capex they might only make $0.03 eps, and that's generous without increasing their opex/t rate. At 100kt any reduction in prices would make them a borderline company in a declining price environment. In my view unless they find a large flake deposit they're not even in the market at becoming a niche producer of say 20-40ktpa because they have to produce 100kt of graphite just to produce maybe 10k of jumbo which is uneconomic. After all the claims of having the biggest deposit in the galaxy they might end up with the biggest deposit never to go into production.

By the way, I calculated $0.11 eps for MNS in their first year (at 80%prodn) and $0.24 eps in the second. I'm no financial analyst so ignore if you like - or have a go at the numbers yourself. But at the current share price a dividend payout ratio of say 60% would be quite handsome indeed.

Not meaning to step on TON holders here, but the graphite market seems a bit unusual as a developing industry. Hence company comparisons are important when picking which ones will make production and secondly which ones will be profitable when in production. Then there's the issue of agitators from other camps coming to MNS to sow their seeds of doubt without any factual or educated discussion.

And yes in my view SYR is way overpriced. They're in the same boat as TON with graphite undesirable for high purity markets. If they had it they would have signed an off-take a long time ago. (It only took MNS maybe six months to go from metallurgy to offtake so buyers knew what they wanted and liked what they saw). SYR are now looking to produce in-house 25ktpa of purified graphite uncoated but this will also involve higher opex and will add to their initial capex. They're back to the market seeking interested buyers for this. If they rely on just their current MOU, revenue will only reach around $100m. That's a bit disappointing compared to MNS's signed $380m per year offtake. Is SYR worth $3.56 right now compared to MNS's $0.21? I think not. Lots of growth in MNS's share price but not in SYR's.

MNS is the current leader when it comes to revenue and potential earnings.

All in my opinion.