Ann: EQR Webinar BFS Update and Drilling Program Presentation, page-8

Another solid presentation. The only negative I took away was that the wet season will still be a challenge and require a change in ore to mitigate.

If you have any interest in EQR then it is well worth a listen. @scottm did a great job summarising the key points from the presentation.

A couple of things I will add are:

-In the BFS there are about 2 million tonnes that will be mined from the pit that are marked as waste due to being un-drilled due to the difficulty in drilling so we can expect a little increase to the MTUs based on that. - BFS has OC stage 1 and 2 mining a total rock figure of 14.4mt

-Still retaining staff…better than before

A few quotes below

Kevin:

“It’s a low risk quick capital payback project is what it is”

“We are already at 80% recovery”

“Offtake is worth 400 million dollars”

“That 10 million in royalty that’s 3% of what you have to make in order for them just to get the return back so it’s a very significant amount of money that a company that’s done its technical due diligence on the project and were happy to think that this junior will pull this project off and make this kind of money, its a real vote of confidence I guess is what i'm saying.”

Tony:

“We already reached the tonnes a day through the plant that we are going to do from the pit”

“A lot more value in the first year” @ 0.7 strip ratio.

“Starting next week 3000 metres of drilling….”

“We just use water and gravity to separate our tungsten”

Great to hear they are looking at new ore bodies in the region. When the planned cash flow occurs it will pay to be ready IMO.