APT - slow steady climb...., page-8

Looks like the mining side is consolidating into a productive operation. Many of the challenges now facing the Company are in developing the strategies necessary to meet expanding production targets; no longer are we trying to just get some (any) product through the Plant. We are well and truly "up & running" -a situation yet to materialise for any of our potential Australian competitors (and not likely for several years yet imho).

The continuing increase in the APT price is very helpful too! EQR's timing in returning to be a world-class Tungsten Producer looks to me to be perfect. Ramping up production at a time of increasing $mtu value with no Australian competition, with a proven resource and a clear focus on future development is as good as it gets.

The Quarry operation is really performing well -full credit to all those involved in the upgrading/modernising/expansion which will allow EQR to be at the forefront of future quarry material tenderers, having demonstrated with the recent large BAMA contract that it can deliver on time and in spec. A lot of the updated equipment costs would have been one-offs, so future contracts can be delivered on a much lower cost basis making our tenders more attractive/profitable.

The ongoing low sp is (of course) a real concern. I feel that EQR is now on course to becoming (again) a serious Tungsten Producer able to withstand the cost challenges that inevitably occur periodically, because of our very low cost base (supported by an expanding Quarry unit). Looking at potential Australian competitors with a sp multiples of ours producing nothing, swallowing vast amounts of $s as they develop their projects and with zero income stream, I am left wondering: could I have (lots of) shares in the most undervalued mining company in Australia? If I do, my retirement will be very good when the rest of the world wakes up!