TON is still miles away from its JORC (due early 2015) and their...

TON is still miles away from its JORC (due early 2015) and their head grade appears to be significantly less than SYR's. I wouldn't see them get anywhere near production before 2017/2018 and if/when they do it will be within a well under supplied market anyway. End users will need all the graphite SYR, TON and any other producers for that matter can produce and prices will most likely be well above where they are now.

With regards to MOU's, I think SYR has already cemented its position as the pack leader with a high confidence in its resource and management. Just remember how long it took SYR to prove its resource, sell itself to the investment community and sign the MOU's. TON has a long road ahead of it. That said the TON's result has made the share price nervous which I will be using as an opportunity to increase my holding.