Good evening I was lucky today to visit the might Mount Carbine....

Good evening

I was lucky today to visit the might Mount Carbine. A little wet even though it's supposed to be the dry season. Pretty impressed with what I saw. I have been on site twice before and while the processing plant is very similar to the original, Kevin and team have simplified it and reduced the moving parts which has improved recoveries from what was being achieved in the CNQ/SEI days.

All the pieces are in place and being fine tuned. There is a lot of machinery and various pieces of kit that all need to work together to achieve the optimal outcome. It's not a simple thing to achieve and those up and coming tungsten producers may find it's a little harder than they think. There is a difference between testing in lab for a short period and full real world production.

Plenty of activity with the quarry with a few trucks coming and going. Plot logic team on site and Western drilling results are being assessed and hopefully Measured will have an updated resource and reserves calculation over the next few months.

They have a full team of multi-skilled local workers (a number are shareholders), all seem excited about the job ahead. This means Kevin's less hands on in the processing plant, the ore sorters or the quarry. He has systems and reporting that shows daily numbers of where each stage is at, so they can identify any production or grade issues.

It's coming together nicely at a time when there are few others. I've been a shareholder for more than a dozen years and we discussed why there has been only one or two non Chinese tungsten mines open during that period.

The main reasons were
1. Previous world class deposit.
2. Good existing infrastructure.
3. Quarry provides additional cashflow while trying to start tungsten production. Otherwise, can burn lots of cash if starting from scratch.
4. Didn't try to drill the whole deposit. Keep it in bite size pieces. Therefore low capex.
5. Low debt level. Kevin was not fazed by today's interest rate rise. Some others maybe.
6. Achieving recoveries. This is the key. CNQ couldn't get the recoveries. Wolf couldn't get the recoveries. W Resources couldn't get recoveries. There is additional skill in mining tungsten and it's not just switching on the manufacturers kit and it happens.
7. Access to local skilled workers (don't need a mining camp which is expensive).

That's about it.

Happy to continue being a shareholder and patience will be rewarded.