Not really. I don't think production will be anything fantastic.
I think an important point being missed in some of the recent commentary. The Low-grade stockpile JV is only the warm game before we get to the real game (hard rock mining).
We started with the tailings and LGS to prove the concept, build and train a team of locals, provide tungsten to global buyers (testing) and add infrastructure (refurbish and extend the plant, install ore sorters and the wet screen crushing system). This was all being done while producing tungsten. Production was a stop start exercise while fine tuning the process and the usual mechanical and electrical issues, they had to stop production while capital expenditure was undertaken. This has also been delivered during COVID and global supply chain issues. So, they have never had it running at 100%.
The real focus should start in the next couple of months with Goldings ramping up the hard rock mining. My understanding is there are good grades just below the pit floor which should give a production increase and nice cashflow.
The other focus is going to be on the drilling results. Is the deposit still open to the west and do they open pit it or go underground? And what does the Iron Duke drilling show? Andy White was always excited by the potential of the Iron Duke. Let's hope he was right!
EQR Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
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