Ann: 64% Increase of Mt Carbine Indicated Resources (In-Situ), page-27

From the PAC Partners report

"Visibility on1^styear productionwith guidance 760kt @ 0.44% WO3 to be sourced from a low risk pit floor location. This production guidance is inline with our estimates."

From the Morgans report

"With a ROM grade of 0.3% WO₃- 4 times the grade currently being processed - and mining 2million tonnes per year (Mtpy), that’s somewhere north of 450,000mtu saleable product per year. EQR is selling a tungsten concentrate, and likely paying a 30% penalty compared with the ammonium paratungstate (APT) price. Cash margin – US$224-US$140=US$84/mtu."

	tonnes ore	Ore grade	tonnes pure Tun	remove xray loss	remove plant loss	50% conc tonnes	to mTU	revenue	Aud profit based on usd 84 margin
1	2000000	0.003	6000	5400	4320	8640	864000	138240000	54259200
2	764000	0.0044	3361.6	3025.44	2420.352	4840.704	484070.4	77451264	30399621.12

Revenue is based on a $160AUD per MTU of 50% concentrate
Profit based on Morgans 84 USD which I have halved to 42 USD for the 50% concentrate.