With both of the September quarterly reports out it is time to update the thread. Both companies made an operational loss. Like always this is just for fun, not financial advice, it probably has errors so let me know if you find any.
September quarter numbers:
G6M EQR 1 Ore Mined 61,036t 279,000t 2 Ore Sorted 0t 130,000t 3 Ore Plant processed 39,433t 73000t 4 Concentrate Produced 87 t 422 t 5 Receipts from operations $778k $3.529m 6 Revenue other $271k $111k 7 Operation Costs for Quarter -$13.97m -$4.472m 8 Net Operation Costs for Quarter -$12.927m -$0.832m 9 Interest paid $792k $22k 10 Debt end of Quarter $61.02m $1.5m 11 Cash end of Quarter $3.048m $3.529m 12 13 Operation Cost per MTU of Conc $1605.7 $106
While both projects are still in the ramp up phase EQR had their best month of the quarter in September (202t) whilst G6M had their worst month of the quarter in September(25t), more of a ramp down.Having a look at the recoveries.
G6M
Total ore processed for the quarter: 39,433t
Total MTUs of tungsten produced:3657 MTUs
Feed grade of .2% to .4%@.2 = 46% recovery
@.3 = 31% recovery
@.4 = 23% recovery
EQR have recoveries of around 80% which means ore would be coming in at:73,000x100xYx0.8=21100 MTUS
5840000Y=21100
Y=.36% feed grade
G6M numbers are concerning. Their interest bill for the quarter was more than their cash receipts. They then took on further debt of $7m Aud at 12% interest due in 12 months and are looking for more. I expect the next round of debt funding will be announced within a week. Recoveries well below 50%, cash of 3m and burning more than that a month.
