NPV vs Increasing Market Cap, page-33

To suggest PLS is in any way similar to TON is amusing. In the first instance, PLS management have done a tremendous job in acquiring the Pilgangoora tenement for a song, tapping both local and international markets for capital that has been responsibility used to further what has and continues to be a very successful drilling campaign. Their skills in selling the story and marketing in general has been exceptional. Multiple MOUs with companies in every continent and continuing discussions with each would suggest that demand for spodumene remains strong. I trust I do not have to mention the performance of TON management nor the general market sentiment regarding graphite.

The competition in securing 'Greenbushes' and subsequent sale to Tianqi / Rockwood says much about demand for world class deposits. I am yet to see any such corporate action for TON assets even though they are currently in administration.

As for insecurities, I'm quite comfortable thanks. We've had drops in SP before and the usual blow ins telling that the SP will be dropping to $0.02 etc. If anything, compared to those early days we have $100M in the bank, 8 MoUs and a JORC reserve of 80.2Mt. There are processors in China that are being put into administration due to lack of supply and with 'Greenbushes' spod becoming unavailable you would have to wonder what the knock on effects will be.

I do not have anything personal against you. I only question your so called prowess when you yourself seem to be emotionally attached to stocks that have done poorly that continue to find lower lows for what has been two years.