TON chart, page-2

COmpare TONs modest Capex ,intention to largely debt financed flagged , to the multi hundred million dollars Capex that the lithium developers are facing .

All IMO - The key to any hand full of winners in the asx - is to have a Capex and finance that protects your value today . Earnings per share - not diluted significantly through the development cycle,

TON will be part of the future renewable producers list while many lithium or cobalt stories are still dreaming .

It's all about getting project finance.
A significant event . That changes dreamer to developer.

In parallel - nicanda hill JV development options - could provide two project development pathways .

All bodes well for potential newsflow to derisk further, steady as she goes .

But you never know - a market might see the dominos ahead of us - and bet ahead . Plenty of speculation and money flow has seen spectacular rises of some lithium stories - such as ASN or LKE that are yet to even drill .

If graphite 2.0 begins with a market leader / winner . - how high can an actual developer soar ?

Two leading projects - staggering combined NPV.