A comparison between EQR and G6M, page-122

I think that EQR will show its true colours of having a well thought out strategy and prudent management team that is starting deliver. This is only the beginning!!

They have taken their time by building the project slowly but making sure it each piece is able to deliver which hasn't been too detrimental to shareholders. They have little debt & have been careful with the capex & opex. At times they have built infrastructure themselves rather than pay ridiculous quotes from 3rd parties. Goldings is working with them to manage cash as opposed to the cost blowouts seen by G6M partners.

They haven't tried to go to big to quickly, like TGN's Mt Mulgine which saw a big deposit BFS come in with a capex of $600m & IRR of 9%

They are using all the waste via quarry & even selling the leftover fine powder. This earns them the Australian Mining Environmental award, which was crucial in obtaining the Wolfram Camp deposit.

They are using ore sorters to reduce processing costs. G6M might have a higher grade deposit 0.9% But when we put it through the ore sorter. our grade goes from 0.3% to 3%+. That's why our cost is lower and we have an IRR of 477% compared to G6M of 28%.

Our NPV is $300m which only includes the open pit (20% of known resource). The underground is much bigger and soon the 470m tunnel dug but never mined by the Roach Brothers will be opened. That alone will save $15m capex.

The extra cash coming soon will give Tony's team the money to complete the drilling of West Dyke & Iron Duke. That should lift the NPV to $600m to $900m+. The EQR underground scoping study is more detailed than the G6M deferred underground BFS. some who have looked at project have major questions on how you keep Bass Strait out.

All our product is sold at the gate and we have signed some strategically important MOU's in recent months with Masan & EMEC that could provide future pathways.

Then we have Cronimet which is a private company but a global player with many important contacts.

Unfortunately, G6M might be finding that tungsten is a difficult mineral to mine & ramp up takes time. Looks like the 3-4 major shareholders might have dig into their pockets again as they won't be able to raise from the market (already twice in 6 months), and have $50m of debt, so no financier will touch them without proven cashflow.

I'm very happy with the position we are in and where Kevin& Oli are taking us.