I think the DFS is robust - TON are leading with a predominately...

I think the DFS is robust -

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 .