Ann: EQR Appoints Tungsten Industry Veteran to Board of Directors, page-14

Yes we are confused.

Probably some of the reasons for it are;

1. Lewis is a good marketer. The truth is coming soon as he has to prove he can get started this year and recover at 85%.
2. The trading through the ASX seems to be occurring from offshore as there are few buyers and sellers lined up, (unlike most stocks), but lots of volume going through.
3. He is marketing to the US investors (I think we have very few on our register apart from Oaktree). He has also convinced them that Almonty is the only Western tungsten producer that's listed. Whenever Almonty make an industry comparison, EQR is rarely included.
4. For resource companies, there is a difference between - this is what we are going to do (Almonty - Sandong) as opposed to this is what we are doing (EQR - Mt Carbine). If you aren't producing then everything is assumed to be working well.
5. EQR needs to produce a cashflow positive quarter before the broader market will believe. Unfortunately, there have been many examples of tungsten players not working (G6M, Tungsten West, LaPirrilla, W Resources etc).
6. We need to better at marketing, but I think they want to do it when we have runs on the board. Also, with limited $$ and time, I think Olli is focussed on delivering product (5 off take agreements) and securing Government interest (he visited DC three weeks ago). The EU, US and Australian Govts are all making noise about critical metals and China exported NIL ZERO ZILCH NONE APT in March.
7. We need to complete the removal of the waste benches to get to the higher grade ore.
8. We need to complete the Saloro funding to move the liability to long term. This has seen some instos not invest.

The tungsten price is moving in the right direction and I think if we were able to secure a deal with any of the governments then it would put us on the investor map.