Ann: Significant 108.5Mt 58% Fe DSO Resource Defined at Hamersley, page-9

EQN starting to build up now to be on the radar for a serious takeover target Hope ( Rhinehardt ), RIO and FMG who will be now looking at the this prime iron real estate that is smack in the middle of them with substantial easy to extract near surface DSO with over $1Billion of high grade iron ore which would give them 5-8 years of DSO operation on these easy iron ore pickings while they get the main ore body of 350Mt + production facility ready . That some serious cash flow once/if the operations get approved by WA court shortly , even if EQN holds on to the asset , it will be finding a lot of big suitors to either sell off or enter into a Joint Venture with with a low capital expenditure, as DSO requires minimal cap ex of basically a hired fleet of Diggers, Trucks and basic crusher /conveyor belts to truck it out or get it onto the iron ore rail next get it off to the export ports .

But that is the first trick , EQN has . If the upcoming supreme WA court , goes EQN's way against the local indigenous land holders over a recently registered Songline spirit ( yes, the local indigenous mob have surrounding iron ore leases and would not mind to acquire this one for free for their growing portfolio ) , then its is game on for EQN and the iron ore as they increase and do more exploration drilling and expand their 350Mt resource estimate as the area is drilled in only small portion of the land holding . If the Court case is approved in favour of EQN ( a high chance based on similar WA cases ) , then a serious revaluation/ re-rate of EQN would be fair as, if you take a look at the recent iron ore deals with MinRes who paid $100m for a 100 mt project in WA , which valued in ground proven resource at $1 per ton . Yes this mine is nearer to port , but even if you applied a 30% discount rate , the iron ore value of EQN would alone have a value $200m+ to the Big Iron Ore players and that's not including extra exploration drilling potential at Hammersly WA and the exciting Brazilian rare earth prospects which are currently unfolding.

The third and most exciting trick is the Brazilian Rare Earths , with 1st drill and lab results of the drilling next to BRE due imminently and initially commencement of auger drilling to prove up potentially rich REE ionic clay zone to the north of their current Brazilian holdings which could be classed a " major new discovery " zone in a few months of all goes well based on the 4000-5,000 PPM rare earth samples report released in April 2024.
It's now making sense to me why the recent capital raise by Canacord was over-subscribed for the $4m raise and has not been dumped into the market with nearly a 100% gain in a month for those Sophisticates who were lucky to get in at .20c . Lots of potential here, but also a lot of unknowns subject to WA court case and the Brazilian REE results over the next few months.