From the GMP report on TON dated 1 April 2015, which compares...

From the GMP report on TON dated 1 April 2015, which compares TON with SYR in some detail,

"One of the key differences between the two companies is market capitalisation. Syrah is currently valued 3.33x Triton on the ASX. This seems strange given TON’s larger resource at slightly better grade graphite and vanadium, better offtake and otherwise similar qualities ......."

The MCAP ratio has now increased to 5.78x .

If the MCAPs were equal and the SP of SYR is fair at $4.14 , given there are 165.22m SYR shares and 334.98m TON shares(ASX figures), TON's SP should be
4.14 * 165.22/334.98=$2.04 not $0.34. Seems inconsistent with TON's current risk factors.

The GMP report puts TON in front at 1 April and following TON's recent statements it should be even further in front now IMHO.