With both of the September quarterly reports out it is time to...

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.