MNS Vs TON, page-123

MackJohn....while grades are great, it is the flake size that is key. The grade is just a representation of how much of the mined earth contains graphite.

For a simple example, a 1kg load of earth at 10% grade is simply 100g of graphite. Now if that 100g is made up of 80% large to jumbo flakes you have 80g of large to jumbo flakes. This is the case with MNS. There are no other elements that need to be further refined from the 1kg of earth. Of the remaining 20% of flakes, or 20g of graphite I'm not sure what they will do with it.

TON on the other hand only has approx 15% in the large to jumbo flake size meaning that of their 100g they can only get 15g of large to jumbo flakes. Plus they have other elements which need to be seperated. This extra separation has a cost behind it.

So already, TON will would need to mine 5.3 times more earth to get the same amount of large to jumbo flakes. It also means that TON will have 4.25 times more medium to amorphous (powder pretty much) flakes size than MNS for that same 1kg load of earth. I'm not sure if there is a huge market for all that amorphous flake size stuff.

The perplexing thing is that TON and SYR have pretty much the same value proposition. Sure SYR are further down the road in terms of project advancement but still they remain without a binding off-take after being ahead of the game for so long.

I've been a holder of TON in this past year and have cashed for a profit along the way. It's a wild ride over there for sure and those poor buggers that bought at 53c on Tuesday are crying in their pretzels right now. However the 'insiders' who bought before close last Friday are laughing all the way to bank as they sold into the delayed news on the same day.

GLTA and DYOR etc