Ann: EQR acquires Tungsten Producer and Secures $25M Funding, page-62

A couple of comments after chatting with company.

1. The external debt is 35m Euro. as explained on 2nd last paragraph on page 6. The extra 45m (80m) in paragraph one related to internal inter-company loans (book entries). There will be another 5m euro go off the debt once the deal is settled.
2. The deal is still to be closed (there has been several months of negotiations and due diligence already). It may take another couple of months, by which time both mines have been able to improve their production and cash position.
3. Ormonde couldn't get the recoveries. Kevin's team has already improved the production from their visits to Spain. It's similar to EQR deposit (except they have newer equipment) and the ore sorters will add to the production and recoveries.
4. Oaktree is looking to build a bigger business and sees an opportunity to build a global tungsten player. That's why they decided to take an equity stake (become the biggest shareholder and get a board seat), rather than looking for a sale.
5. The resources of our European partner will assist.
6. While in a perfect world it would be great to buy this asset in 12-24 months' time. The reality is it wouldn't be there. There aren't too many in production.