My quick look a while ago - was BAT was targeting mainly battery grade.
Whereas TON targeting both expandable and battery grade within Ancuabe / Nicanda west. As well battery grade / vanadium for Nicanda hill .
I decided on TON as the movements in fire retardant space could be an extra gear - and the Nicanda hill JV is the only global scale peer to Syrah .
There's a lot of corporate appeal to TON.
But BAT ain't bad either .
Offtakes / finance the key to any success story .
ton vs bat, page-3
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