Ann: EQR revises funding approach for Mt Carbine expansion, page-21

Hi Danzzeer,

I will entertain the question. Consider this nonsense tho.

Lets imagine it’s Dec 2026 and Mt Carbine has doubled its processing capacity and is hitting high grade ore. Saloro is now running 4 XRT sorters increasing ore throughput and recoveries are at 75% increasing production. Stab in the dark lets go with 100,000 MTUs a quarter produced.

Cash receipts were $21.2m for 53,000 MTUs this quarter. 20m per 50,000 so 100,000= 40m at current prices without any further efficiencies taken into account. If the price of tungsten x3 we would expect revenue to x3 (40x3) $120m. Lets go with costs of 20m per 50,0000 and double it. 120m-40m=80m. 80m*4 quarters=$320m.

Pay off some debt, a few drilling costs and Kevin replaces the buses to Mt Carbine with a convoy of lambos. Lets say $100m extra costs on top. That would bring us to an annual profit of $220m, pay the tax man the full 30% and we end up with ~150m aud.

Currently the ASX has an average PE of 21, Materials have 24 and the asx historic 5yr average is ~15. 2008 gfc was 8 for the ASX.

8->$1.2b mc

15->$2.25b mc

21->$3.1b mc

24->$3.6b mc

No increased revenue from ferrotungsten

No cash pile from the previous 2 years

No production/imminent production from Mt Carbine Underground

No production/imminent production from Wolfram Camp

Just a bit of fun.