Ann: Letter to Shareholders, page-24

I don't know what balance sheet you refer to. As Blondy pointed out the transactions associated with the Salaro purchases are not included in the 6 month report for December. The debt level is greater, as always occurs when a major asset purchase is made but hopefully this will be soon profitable.
I do recall EQR pushed hard to have the purchase finalized by December, I suspect to have a better-looking balance sheet for the half yearly. Its immaterial that it didn't make that deadline in the long run, mainly cosmetic for a good look on the balance sheet. I also interpret that the deal has given breathing space for EQR as 8.5 million is in the working capital bucket.

I still believe both EQR and G6M can make it, just think EQR is the better bet of the two. Just remember King Island, Mount Carbine and Salaro are all victims of China forcing the price down. Prices are 50% above the 2019 level and tipped to increase. Given the current geopolitical climate China will not be allowed to manipulate the market again. This will mean Western governments will play the game, tariffs, refusal to purchase critical minerals from China and financial support for the non China miners. Yes, that is emulating what China has done to support their own miners.