TON (ASX) Notes taken at today's GM

Originally posted by justreading ↑

Now at the risk of being persecuted and crticised like others have after talking with BB a friend of mine who attended today’s GM took notes and asked that I relay that information to those that are genuinely interested in the fundamentals of the company but were unable to attend the meeting themselves in person.

So before those that want to pull it apart and make criticisms just for the sake of it this is not for YOU!!
If you have legitimate questions than that is perfectly understandable though.
My answer to that is either attend the meeting yourself or if you can’t, pick up the phone and speak to the company directly.

I’m putting this up for the benefit of those who missed going themselves!!

In Lateral 5’s defence ASX & ASIC were notified in relation to the trading in TON when the share price collapsed

BB considers fair value in TON to be around 60-70c level given where we are at this stage of exploration.

The company wants to get Balama North into production and move past SYR in terms of development.

Best case scenario could be 2 years to mining and possible to get ML within 3-4 months.

Mozambique Govt very supportive of foreign investment in particular for that region and do everything possible to assist and speed up that endeavor.

They currently have 2 DD rigs running 24/7 and 1 RC rig running 12/7

DD rig approx. 30m per 12 hr shift so roughly 120 mtrs core every 24 hours

RC rig approx. 150m per 12 hr shift.

Should see succession of more drill results in the near term.

Approx. 20% drilling data has been released

60-70% of the drilling has been done

Backlog of assays due to customs bottle necking and inspecting all core bearing in mind the volume of core has now increased 4-5 fold since initial drilling started.

If they could assay in Mozambique they would but unfortunately assays are done external to the country

Still on target for year end JORC in the inferred and indicated range on part of Nicanda Hill but possibly not all of it due to the sheer size of the thing and backlog of assays being bottle necked by customs

Mineralization is getting stronger heading further North

The high VTEM response on Nicanda Hill is not related to the altitude and being closer to the survey instruments as they are also seeing very high VTEM responses on the flat plains surrounding the hill also.

Vanadium has been confirmed and lots of it!

Roscoelite is present at surface

Lots of visual vanadium in the RC chips and at this stage see direct comparison to SYR.

Today’s corporate presentation page 9 shows the bulldozer at NH. Right hand pic has bulldozer ploughing through high grade zone HG1 from surface and left hand pic has similar showing where it was that slippery from the graphite that the dozer was losing traction!!

SYR scoping study on e.g. Vanadium de risks TON as it is similar ore and grade from early indications of what they are seeing.

Last pic of drill core in page 19 of today’s preso doc shows visible roscoelite and flake in the 0.5-1mm range

The company has information on flake size and distribution etc. but are awaiting further results from assays to get a truer indication of the overall flake size and distribution over the larger area before releasing the numbers.

They could just use the holes they have now but it could be seen as cherry picking the best grades for flake size and have the effect of potentially misleading the market so want further validation before releasing the numbers.

Suffice to say they are very happy with what they currently have.

Within the next couple of weeks they hope to have some interim numbers released on the metallurgy regarding flake size distribution etc.

Flake size can be seen with the naked eye so in the range of 0.5-1mm.

Flake size at Cobra plains not a good comparison to that of Nicanda Hill as the flake was pulverized due to the metallurgy testing process being on % recoveries so flake size from Cobra plains not a good comparison to what they are seeing at Nicanda Hill is essentially what BB was alluding to.

Metallurgy currently at about phase 1 of potentially phase 5 due to testing for a whole suite of different parameters and minerals etc.

Currently talking to Chinese, Japanese, European and American parties. They have all approached TON not TON approaching them and even more importantly they have all asked for and taken bulk samples.

More bulk samples going to potential offtake customers now who approached TON also.

BB is not interested in an MOU wants binding offtake agreements as MOU worth nothing in reality.

Enough funds to do VTEM on Balama South and Ancuabe.

VTEM has been completed on Balama South and hope to have results out within the month.

Hope to put a couple of holes into Charmers and test high VTEM response to validate VTEM

6 out of the 8 tenements have been granted with the other 2 hopefully in the next few days

Raising of further capital is likely to be next year after we have inferred/indicated JORC out

Insto GMP who participated in the 50c placement have not been selling but in fact have been buying at these lower levels BB has been assured. (Makes sense if you like the story at 50c what’s not to like at 37c!!!)

Reason they went with GMP is they don’t do retail only insto funds and less likely to dump for quick profit.

Expand

Thanks JR for your's and your friend's fantastic efforts to update and spread the good news to all of us who were unable to attend today As for BB's estimate of today's SP between .60 and .70 I think that's just about right given TON was at .69 before the Glencore/SYR rumour that sent all graphite companies soaring. Great work JR

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Last 0.9¢		Change -0.002(18.2%)		Mkt cap ! $14.11M

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1.0¢	1.0¢	0.9¢	$259	26.13K

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