With EQR and G6M having both kicked off their Open Cut mining...

With EQR and G6M having both kicked off their Open Cut mining and the end of the March 23 quarter having just passed I thought it was time to update the comparison with the latest figures from both companies. It's a very exciting time for the fledgling Australian tungsten mining industry. Once both Dolphin and Mt Carbine hit their expected output Australia will be moving from not on the rankings to a top 3 place on global production by country.

Both companies have achieved a lot since my original comparison back on the 20th May 2022 and a lot has changed for both projects in terms of project numbers with numerous updates to both. I will let the numbers speak for themselves. Like always this is not investment advice, do your own research and let me know if there are any errors in the data.

	Project	Dolphin	Mt Carbine
1	NPV	$252m Aud	$307m Aud ($270m EQR / $37m JV partner)
2	IRR	28%	477%
3	Pay Back Period	5.5 years	<1 year
4	Total Capex	$169m Aud	$26.3m Aud
5	Outstanding Capex	$51.7m Aud	$7.8m Aud
6	Capital cost per MTU	$52 Aud/mtu	$14 Aud/mtu
7	Opex	$176.5 Aud	$155.5 Aud
8	Plant throughput	0.45mtpa	1mtpa
9	Future Plant throughput	0.45mtpa	2mtpa
10	Total Mine Production Wt	33800	19285
11	Royalty Cost	8.85%	5.7%
12	Offtake % contracted	59%	100%
13	Debt at end of March Qrt 2023	$47.8m Aud	$5.5m Aud
14
15	Number of Shares outstanding	972.6m	1470m
16	Market Cap	$131.3m Aud	$104.6m Aud
17	Share price At 20th May 2022	26c	5.9c
18	Share price today	13.5c	7.1c
19	Return since first comparison	-51.9%	+20.3%

----------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
G6M includes an unfunded underground mine included in the NPV, IRR and Capex numbers. EQR also has a Underground project but it is not at a feasibility level where it can be included in these figures. However all known information point towards EQRs underground being as good if not better than the current Mt Carbine project figures in the above table. I expect within the next 12 to 18 months EQR will progress the underground mining studies and the figures will be released and be able to be included in the above comparison.

G6M has announced their Bold Head PFS which is not included in the above. Further work is required to confirm its viability and if confirmed I will include it in the comparison figures. EQR also has Iron Duke which, given time, is expected to be brought online as an Open Cut mine or Underground operation. It is also not in a position to be included in the above comparison.
----------------------------------------------------------------------------------------------------------------------------------------------------

The table above I plan to use as a reference for the success of each mine going forward and I hope to continue the comparisons on a quarterly basis now that both mines are producing concentrate. Both projects are in ramp up mode and will be until at least the end of this current June quarter. With only two primary tungsten mines in Australia and both kicking off at the same time it provides a great opportunity to compare and keep a breast of all the wins and losses each may come across. Both mines are on the cusp of great profits but neither are quite there yet. I believe tungsten has a great future going forward.

GLTA