Ann: 2023 AGM CEO Presentation, page-23

The commitments from Oaktree and Cronimet to become major investors in EQR highlights their positive assessment of both the Company's assets and its ability to deliver product both in grade and volume over the coming years. They wouldn't invest on a "hope and a prayer". Their due diligence would be way beyond the ordinary (potential) shareholder.

The (annoyingly) depressed sp that is current will not (imho) be the case going into the (near) future. The Management team at EQR have clearly (and consistently) demonstrated their capability in resurrecting a former mine to a "state of the art" producing mine -no mean feat. With two world-class mines in production, EQR will be able to produce at a scale that will significantly impact on China's hold on world tungsten markets -a critical issue for western governments.

All sorts of "scenarios" can be put forward regarding (potential) investors intentions. Some may happen, others not. However, I think these "scenarios" are more a distraction than anything else. EQR needs serious investment in its mining and production capabilities, and the sooner that happens then the sooner the sp will reflect that.

The Management and Staff of EQR have brought Mt. Carbine (and progressively Barreucopardo Mine) a long way over the last few years. With Cronimet able to sell all our product worldwide, technology-enhanced production methods in place and exploration of our (2) mining assets under way, I have no doubt where EQRs sp will be heading...