Ann: Quarterly Activities and Cash Flow Report March 2022, page-8

I was expecting more from this quarter in regard to tungsten production and associated revenue. But this is the first wet season that production was really reported on so it was surprising to me that it has such an impact. It is great to know with the new wet screen and slurry into the gravity plant the wet seasons impact will be massively reduced. This will be well and truly in play for the next wet season. We just need to make it through the next quarter and then we should be in blue skys. Wet screen/Increased crushing throughput/second Xray sorter all about to come into play in the near term.

One thing that I would love to hear more about from the company is their work with Plot Logic. I believe that the use of new mining tech and the quarry really sets EQR up for a great future with ESG's importance getting higher and higher. Plot Logics tech could be a huge game changer.

Like others have already mentioned the costs for immerging(and existing however the APT price increase should more than offset) tungsten mines are blowing out massively. It has impacted EQR as well but it looks like we may have just slipped in in the nick of time. Over on the G6M forum one of their posters believed due to their lead time they will have avoided most cost increases and shouldn't be impacted. This I believe is just a wish. Looking at the fuel/electricity costs now compared to 2019 I can't see how a mine like king islands is not going to have huge price pressures and would be shocked if they didn't run over budget and time. The fact everything has to be boated in alone means ALL of their costs are going to be greater from toilet paper to their gravity plant. These price pressures are global and would indicate the APT price is only going to keep on rising as new supply can not meet new demand.

One thing that hopefully others can comment on is how the 50/50 JV with Cronimet and the costs for the production are shared with them? Given that EQR is the receiver of the 6 million aud grant can it be assumed that Cronimet would be expected to match 6 million of costs (or the proportion of that which is assigned to the JV) or how does that work? From the 14th May 2019 ann it is stated "All rights/liabilities/costs of the Retreatment operations will be owned/paid by the Joint Venture Parties 50:50."


"there's also the possibility that they sign some offtake agreements for Tungsten " -100% of Mt Carbines tungsten is taken by Cronimet right?

We are still awaiting the results from the first phase of drilling to extend the open pit resource completed back in January. The Ann on the 12th of April states "The Company is currently awaiting final assays from its first phase 2022 drilling program for a possible west extension of the Open Pit".

Looking back at the Ann regarding the completion of this drilling it is stated:

"EQR’s Chief Executive Officer, Mr Kevin MacNeill, commented, “We are pleased to have our strongest mineralisation in drill hole EQ026 which remains open and plunging to the West. Hole EQ017 was drilled off the pit to the Northeast to test the strike of Iron Duke to the East, it was cut off by a fault and more structural work is required before further drilling will be undertaken in that area.”

“Visual tungsten mineralisation was hit in all the Western holes principally as narrow 10-30cm King Veins but also various broader mineralised zones with larger than 2 meters of mineralisation being intersected in holes EQ018, EQ022 and EQ026. We look forward to the assays to complete our assessment.”"

We should be expecting these results and hopefully an update to the economics of the mine with there inclusion and the full details around the 6mil AUD and BFS funding shortly. Exciting times ahead!