Ann: EQR Webinar Saloro Acquisition / Wolfram Camp Opportunities, page-2

Some quick notes from the webinar

1. Mt Carbine aiming for 130t to 150t this month.
2. Blasting is cleaning up the pit floor. Looking to target higher grade ore
3. Recoveries working well on high grade ore, but can be improved.
4. Saloro. EQR introduced ore sorting which has improved production. They have lifted recoveries by 10% already and likely to see another 10% to 15%. More sorters coming.
5. Good operation in Spain, long standing with other drilling targets available. Lots of similarities with Mt Carbine (old deposit, not fully drilled out, coarse material allowing ore sorters to work). From the picture quite tidy and organised. Good team on the ground, but lack good geology and metallurgical expertise.
5. The debt is 35m Euro. We get about 100m+ Euro worth of gear and deposit. Upside to be added.
6. Oaktree strategic partner who can open doors to other investors and opportunities. Being the biggest Western tungsten producer (ex CHN RUS & Viet) of a critical metal than is one of the MOST ECONOMIC IMPORTANT METAL in the world, people will start to pay a bit of attention.
7. Cronimet is helping and Kevin has experience in managing multi mine sites, so doesn't see a problem.
8. Wolfram Camp - we beat 15 tenderers for the deposit. Plenty of exploration potential. Tony now 800sq km of leases to explore. Tony thinks the wolfram Camp deposit isn't understood and he's looking forward to drill.
9. Opportunities for tungsten usage from Nyobolt, US Defence and Countries to build strategic stockpiles as they have run low.

They looked pretty comfortable, that had done the DD required and lots of synergies with Mt Carbine for both Wolfram Camp and Spain.

Kevin thinks we are under-valued. The Peer comparison illustrates we are performing much better than Almonty and G6M. He also noted he had been to Noosa conference for the last three years and every year he has been able to double the share price and the NPV. Likely to do it again given what's being planned.

Peter (NRW) said that what they have been able to achieve over the last few years has been pretty remarkable with Govt funding and support, Environment award, building a local workforce, MOU with international player and delivering on starting production within the stated budgets.

My comment
They keep on delivering on the belief I've had about this deposit and that belief only continues to grow as they are widening to a MULTI OPERATION COMPANY. For those that have paid higher prices and still under water. I have paid as high as 17c. I've paid as low as 0.7c. Dollar cost averaging works and it now means I'm up over 100%.

The market doesn't fully understand the opportunity or the value this provides. BUT having Cronimet, Oaktree, Masan and the Governments as strategic partners. This race ain't finished.