If the pending Ann is a JV project agreement with YXGC, the...

If the pending Ann is a JV project agreement with YXGC,
the discounted cash flow intrinsic value for the off-take agreement is approx
$4.73 US per share

	Column 1	Column 2	Column 3	Column 4
0	Discounted Cash Flow ASX: TON - Assuming YXGC
1	Initial Cash Flow:	$100,000,000
2	Years:	1-5	6-10	11-15
3	Growth Rate:	10%	12%	15%
4	Terminal Growth Rate:	1%	Discount Rate:	15%
5	Shares Outstanding:	331,300,000	Margin of Safety:	30%
6	Debt Level:	$100,000,000
7	Year	Flows	Growth	Value
8	1	110,000,000	10%	$95,652,174
9	2	121,000,000	10%	$91,493,384
10	3	133,100,000	10%	$87,515,411
11	4	146,410,000	10%	$83,710,393
12	5	161,051,000	10%	$80,070,810
13	6	180,377,120	12%	$77,982,007
14	7	202,022,374	12%	$75,947,693
15	8	226,265,059	12%	$73,966,449
16	9	253,416,866	12%	$72,036,890
17	10	283,826,890	12%	$70,157,666
18	11	326,400,924	15%	$70,157,666
19	12	375,361,063	15%	$70,157,666
20	13	431,665,222	15%	$70,157,666
21	14	496,415,005	15%	$70,157,666
22	15	570,877,256	15%	$70,157,666
23
24	Terminal Year	$576,586,029
25	PV of Year 1-15 Cash Flows:	$1,159,321,209
26	Terminal Value:	$506,137,451
27	Total PV of Cash Flows:	$1,665,458,660
28	Number of Shares:	331,300,000
29	Intrinsic Value:	$4.73
30	Margin of Safety IV:	$3.31
31	What Percentage of IV comes from	30%
32	the Terminal Value:

If its a JV and off-take with SQZG the intrinsic value is approx
$5.57 US per share

	Column 1	Column 2	Column 3	Column 4
0	TON offtake and JV with SQZG
1	Initial Cash Flow:	$175,000,000
2	Years:	1-5	6-10
3	Growth Rate:	10%	5%
4	Terminal Growth Rate:	1%	Discount Rate:	15%
5	Shares Outstanding:	331,300,000	Margin of Safety:	30%
6	Debt Level:	$100,000,000
7	Year	Flows	Growth	Value
8	1	192,500,000	10%	$167,391,304
9	2	211,750,000	10%	$160,113,422
10	3	232,925,000	10%	$153,151,968
11	4	256,217,500	10%	$146,493,187
12	5	281,839,250	10%	$140,123,918
13	6	295,931,213	5%	$127,939,230
14	7	310,727,773	5%	$116,814,079
15	8	326,264,162	5%	$106,656,333
16	9	342,577,370	5%	$97,381,869
17	10	359,706,238	5%	$88,913,881
18
19	Terminal Year	$363,303,301
20	PV of Year 1-10 Cash Flows:	$1,304,979,192
21	Terminal Value:	$641,450,140
22	Total PV of Cash Flows:	$1,946,429,332
23	Number of Shares:	331,300,000
24	Intrinsic Value (IV):	$5.57
25	Margin of Safety IV:	$3.90
26	What Percentage of IV comes from	33%
27	the Terminal Value: