Looking at revenue based on current quarter production doesn't make a lot of sense as revenue will always trail production. Focus should be on operating costs divided by mine output to determine a rough cost per MTU. Both entities will be selling at market prices, or close thereto, so revenue should be pretty consistent across both based on quantum of WO3 sold with slight adjustments for quality. Note also that EQR stockpiled 375,000 tonnes of ore vs G6M's 153,000, almost . I can't see anyway this data interprets G6M being closer to profitability than EQR.
G6M had operating costs of $11.2M for this quarter vs EQR's $15.43M, EQR's gross costs being 37.8% higher than G6M's costs. Contrast that with results of operations; EQR mined 588,000 tonnes of ore vs 120,000 tonnes, 390% more; EQR processed 292,000 tonnes of ore vs 61,000 tonnes, 378% more; and, EQR produced 412t of concentrate vs 83.2t, 395% more. Anyway you look at this, EQR had costs that were 40% higher than G6M but by all metrics, had production that was between 378% and 390% higher for the same period.
With all that being said, these updates still don't really give a great overview of the results. I'm looking forward to the annual reports coming out so we can better see what has happened, although the next quarterly should be really interesting, especially for EQR.
EQR Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
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