peer comparisons, from presentation, page-9

I wrote this on the TON thread just before.....

If you only use large flake (the big earner because fines are not worth it)

TON 20% (Large) of 103Mt = 20Mt
KNL 85% (Large) of 14Mt = 12Mt

TON will have ann soon to upgrade, but KNL has an upgrade due this qtr as well.
So, currently if you use a 40% less TON mc, then KNL mc equiv. ~= $129M.
That's at least 4 bags away... before upgrade and vanadium credits.
KNL is quite undervalued.. a lot more digging for TON for only 40% more graphite at the moment. Both good companies but the big money comes with high quality. Don't underestimate KNL (or TON). Hope this helps. Good Luck!
Q. Quality or Quantity?