Ann: EQR revises funding approach for Mt Carbine expansion, page-8

Compare the deals

QIC

Receive $12m but must always hold $5m so we would be paying 10% interest on $12m and only have access to $7m, if taken now there would be 60m options @6.5c with a risky cash out option. And there was a $400,000 loan fee on top.

Square

Receive $3M

9% convertible @7.5c!

IF they convert they get 10m options @10c

If they don’t convert it will cost less than just the QIC fee!
If they convert great. ~45m shares will be created. $2.43m AUD worth at todays price of 5.4c.

10m options @10c a way better rate in both number of and conversion cost than QIC.

Elmet
Receive $2m via advanced payment for offtake

20m options @10c

You can see why the QIC deal got the chop.