Ann: EQR Begins Grade Control Drilling Ahead of Open Pit Restart, page-4

The Dolphin mine is the only other Australian tungsten deposit coming online any time soon. The recent presentation from G6M contained two big red flags for me with one potentially having implications for EQR. That red flag is the reduction in the offtake contract size of one of their two offtake partners and the announced loss in revenue based solely on their offtake contracts. In the recent presentation it said offtake agreements represent $181m yet the March presentation said they represented $264m. The price difference I can't explain. The bit I am more focused on is the reduction in the size of the offtake contract. Given the long held belief that Tungsten is in strong demand and the demand is only going to increase, should we be worried about tungsten producers reducing the number of MTUs in their offtake contract? I don't think so given the recent Masan news, but It is interesting.