Ann: EQR Signs 5 Long-term Offtake Agreements for next 24 Months, page-11

Your figures are correct except for not allowing for the refinery margin.

The refinery pays 78% of the MTU price to the miner. They then sell the product at the MTU price.

$131/$167 is 78%.

This announcement gives confidence in their outlook and ability to deliver. Saloro is working well, MC needs to get onto the better ore (nearly there).

This should also assist to remove the doubt about the viability. These offtakers have had detailed discussions with EQR. So they know what's going on and they also know that getting other non Chinese tungsten is difficult.

Just as a side note. Almonty announces a strategic agreement with an American group and the share price jumps $100m. This American group are a lobby group, so there actually nothing of value.

EQR has announced similar things last year with the Elmet (apart from a $30m offtake) and the Defense Consortium which approves companies to deal with the Dept of Defense (EQR didn't even announce on the ASX as it was a nothing burger).

Lots of hype going on!