Ton, page-46

I think there is a bit of "piffle" to use Jaded's words at the moment because there is clearly that much uncertainty.

BB is clearly working hard on lining up staff / Board members with experience, working on EIS, and finalising engagement of consultants for the DFS kick off. This all costs money.

If one assumes that this is good money being spent after bad, then yes all likelihood that the LSI facility is a dilution and TON is in serious trouble.

If you believe that money is being spent well and the end result is that at some point down the track an off take will occur, then this is money well spent and SP should head north.

The hard part of all this is uncertainty snd what happens in the interim. No one knows the exact outcome so you can clearly develop an argument either side of the equation.

Facts of the matter are simple - TON needs to spend money to get a measured resource (won't stand a chance of getting any funding without a measured resource) and off take partners want to know who is involved with DFS so they get a little more comfort with output (ie credibility of consultants).

Investors need to form their own view whether these 12 (or more customers) are real and whether off take, one or more, will eventuate down the track.

If the market says is unlikely that TON will succeed (based on uncertain facts ATM) and SP tanks, then TON announces off take those they time their entry could make a substantial return.

Time will tell I guess. At the moment there is no definitive argument based on FACT. It is a speculator.