TON are leading with a predominately large flake project / minor battery grade
BAT are leading with a battery grade project
There is higher pricing and margins for TON.
The DFS had the sp beginning to rerate - but allow the Q1-Q2 to tick more boxes and we re-rate further on tangible substance as it tickles the appetite of the more conservative buyers .
Both TON and BAT are in a country that willing to permit - so both will March forward.
however - until we tick a box or two more to bring more buyers - the fear of A WGX Twinkie buffe has stalled buyers at around 10c.
Why pay 11c if the fat kids will open their lunch boxes - and sell the free Twinkie on market .
But value buyers still recognise that 10c is just the beginning of TONs journey with 2.4 billion of NPV plus vanadium plus zinc - and the intention to JV a heavy chunk of that . And buying a seat for that journey at whatever dips available .
That's why WGX want to get a seat on our bus . Don't forget their motivation . They have validated the DFS for you.
If they didn't see a growth story here - then they'd be vending their lithium togs elsewhere .
All imo of course .
TON Price at posting:
9.6¢ Sentiment: Buy Disclosure: Held
