Ann: Ancuabe Permitting Update, page-50

Hemmo do you invest in ton, for them to achieve goals and destroy your share price and wealth in the process or to make money from your investment, not caring about goal achieving at all. Every company on the asx achieves goals, if you base your investment on that and not focus on the destruction of tons share price and why? Then investing isn't for you.

As for syr. I'm not a fan of there's because I don't rate graphite as an investment, however I do have to give syr management credit, early on they established it was going to be extremely difficult to get funding for their mine, and so through the exploration stage, syr, where extremely aggressive in staging big and bigger cr, far more than needed and at higher and higher share prices. The amount of cr was staggering. Why has that strategy worked, because now most of the funding for the mine come from shareholders not banks. If the lion share of funds came from banks, with the problems syr are experiencing now, the company most probably would be in v/a and likely in liquidation. Unfortunately ton has blown it's chance to replicate syr strategy to success. Almost the entire lion shares of tons mine build has to come from funding. Any small hiccup and ton as an investment is finished, unless shareholders come to the rescue at a significant discount or vulture capital is obtained at the expense of shareholders. I have seen it that many times its ridiculous. There needs to be a mix of some funding from banks and the majority of capital needs to come from shareholders. I don't see that level of interest from ton holders as most are that underwater and capital destroyed further dilution will be unpalatable