ton proactive presentation

Hi all TON'ers,

Was at the Proactive Investors TON talk last night as well.

Looks like we are progressing as quick as the Mozambique system allows. New licenses awaiting sign off which is where Brad wants to get in at North Balama tenement and replicate Syrah results based on similar EM anomaly.

As a geologist myself, I questioned Brad as much as possible after the event. As indicated in talk, results from rock chip samples hopefully no later than early June, including flake size analysis, and drill asap with driller ready. Initial RC drill program planned on granted EL's of up to 4,000m, with possible diamond twin holes depending on visual results of RC drilling work.

As for cash which a lot are concerned about, TON are running a very lean ship, sufficient to get an initial program underway, and unlikely to have to raise money at these levels. Possibly leverage a small cap raise later on based on results to minimise dilution. Not anticipated this year, but not ruled out based on positive share price performance.

For those concerned with cash, my rule from studying many juniors over the last 10 years, is look at the 5B quarterly cash report and the ratio of admin to exploration costs. If the ratio is 2 to 3 to 1, or better, management appear to be focussed on getting dollars into the ground. I would go back for two years worth of 5B's at least and see what this average is. Where Admin is greater than exploration, dig deeper to find out why? Legal issues, company on life support not willing to spend on existing projects not delivering results, management changes, or just plain cash strapped doing minimal work. This would trigger a phone call to the company by me to find out why.

End user interest from Europe, Asia (China) and Middle East could result in another cornerstone investor that will supplement capital and lock up shares away from day traders, like Mr Jenks has.

Looking at possible synergies with Syrah, using their contract driller that knows the ground and other possible cost sharing/reduction benefits.

Wouldn't give up anything on the "green mineralisation" until lab results come back in. Hopefully a pleasant surprise.

Also looking at more ground, and other mineralisation types on existing package of tenements.

All in all, what I wanted to hear from MD. Awaiting initial results, and then drilling asap.

Mino