I'll say it once, and I'll say it again (and again, and again,...

I'll say it once, and I'll say it again (and again, and again, and again). That is not a gain or loss calculation, but inflow and outflow of cash for the quarter as it relates to operations. Given production costs paid will lead cash receipts, I suspect from an actual profit/loss perspective EQR may have hit breakeven this quarter.

That being said, love the analysis, it shows the massive difference in the companies' operations. EQR's cost per MTU is insanely low, for reference Almonty's demand and pricing shows on October 27, 2023 the low end of pricing was at $305 USD per MTU: almontyDOTcom/tungsten/demand-pricing/
I can't tell what % concentrate that is but either way. Assuming that with 50% (instead of what I assume is 65%) concentrate, the price is closer to $305AUD, that's $8.397m of profit a quarter at $106 per MTU. And with September showing 200t produced, we will be closer to 600t of concentrate produced in calendar Q4 if they keep a similar run rate which would be almost 50% more.

Looks like G6M are going to struggle to keep the lights on, I hope they can see some increased production numbers to stop funding their operations with more debt.