Peer comparison calculations, page-8

"To reach SYR value, TON share price can go up to approx. 8 times current TON price – ie. 25 cents *8 = AUD $2"

Great summary as usual Oz but I think it only fair to point out SYR has the cash and is unlikely to have more dilution or any debt going forward to production or if it does it will be minimal. In the case of TON we don't have the cash and will be raising from a lower shareprice and hence dilution plus also taking on debt.
IMO a realistic comparison is us having TON's shareprice going up 4-6 x or $AU 1-1.5 to match SYR, s current position....going forward I know where I would rather be regardless, I like TON's chances of going up 4 x to $AU 1 over SYR going up 4 x to $AU 10.64.....

Ignoring the finance side but on a straight out project comparison I love where TON is positioned.....

Cheers Whisky