Freehold You suggest that if TON finds 5 billion tonnes they...

Freehold

You suggest that if TON finds 5 billion tonnes they will be larger than SYR
However this assumption is based on SYR standing still.
SYR has drilled out an area the size of a postage stamp on an A4 envelope. So whilst their resource is 1 billion tonnes now, it is by no means the full scope of the deposit. SYR will have multi bullions. And by the look of it TON will too.
If you want to make comparisons is should be about the grade of the graphite and vanadium the two projects will generate on a 10 to 100 year timeframe.
The 10 year timeframe gives you the bulk of an NPV valuation.
The 100 year timeframe gives you access to long term graphite markets.
The AFR article states that Glencore are more likely to be after the vanadium.. and yet TON has not even gone there yet... (yes it could be there, but with no assays, all guesswork?)
So why attempt to make a comparison?

Please note I do hold Syrah stock, but I am not endeared to them.

Cheers
Gosouth