Ann: EQR Successful $4.9M Placement, page-134

I'm calling consolidation/split, perhaps 20:1? It may now be a necessity rather than an option. Their growth stratergy requires further investment, funds that they will no doubt struggle to raise given how desperate they were during this last round. That video Scottm posted was hard to watch almost cringe worthy.

Raised $9.5m in early June. Sept they locked in Elmet for 30m over 5yrs,( at current market prices), advanced payment of $2m. Recently $3m from square resources via con notes. $4.9m from this raise and its only a question of when not if until the next. Funding for underground? How much more for the noise and visual Bund? Cost for increase in processing and recovery? The money pit under this capital structure is drying up and the investment in EQR, from at least my point of view, is far less attractive than what it was.

With roughly 2.4B SOI and 300m odd options it's hard to see value when they are going to need more funding before becoming profitable, unless the MC is your main barometer?

We cleaned up the Cronimet JV agreement, we transitioned to owner operator, both wins, yet we are still raising instead of banking? They may secure a few more agreements like the Elmet and Square deals however it won't change the potential ROI without an adjustment to the level equity imo.

JMT