A few comments on the presentation. Like always this is Not...

A few comments on the presentation. Like always this is Not Financial Advice. Call out any mistakes please, some of the presentation information is not very clear.

Two of the Key Highlights (slide 1) have been removed since the last presentation in May.

Slide 4 is of interest.

Mine plan is potentially changing again.19 months of reduced open cut mining and then go into underground and stage 2 open cut(of phase 1 open cut) is delayed.

What is the Stage 2 open cut infrastructure that will be deferred if this option is chosen? Is it the water ingress walls? My understanding was at least the first temporary water ingress wall was part of the original BFS perhaps they couldn’t afford it yet so delayed. Does anyone know?


If the plan is to go underground in 19 months when will they need to raise capital to start developing the underground mine? This is the figure from the 21 June 2023 updated prospectus.

I assume the graph on page 4 is referring to tons of dirt moved, ore and waste. Does anyone know?

Slide 5

Grade will not hit .7% until May 2024.

I assume the graph is tons of ore processed which maxes out at 26,000 a month. I believe the plant was built for 450,000tpa. 26,000*12= 312,000. 70% plant usage. Why would G6M not use 100% of the plant so one off costs are spread and they have better AISC per MTU. I expect there is a reason for not being able to feed the plant enough ore.

There is no drop off in processed tons to match the mining drop off on the slide 4 graph in July/August 2024. I assume that means the strip ratio gets a lot better or ???.

According to the graph the first month is around 8500 tonnes of ore processed which is a substantial drop off from the September quarters monthly production. ~35% drop on Septembers processed ore. That can not be good for the bottom line.

Slide 8

A new Sodium tungstate plant that replaces the back end of the current plant. How much money is that going to cost and what was the cost of the back end of the existing plant getting replaced?


Ore sorting - Will require capital. A potential increase to grade by ~ 15%. Is that a typo? EQRs grade goes anywhere from x8-x15. Does chasing x1.15 make financial sense? By my calculations you would only be removing 10% of the mass. 90% will still need to be processed in the plant.

According to EQR XRT sorters are around 2m each(probably closer to 2.5m now?). And can process 50-80tphr. 50 tphr*24*30=36,000. 1 would probably be enough for G6M if they are processing 26,000 tons a month as not all the material can be sorted. $1/t for sorting of material (including power) (this is mains based not diesel generated power). +/-100kW power requirement.

EQR have 5 XRT sorters. 1 live at Barruecopardo and 1 on its way. 2 live at Mt Carbine and a third (the original first XRT sorter) is being upgraded with the latest software/hardware to increase throughput.

Mt Carbine loses around 10% of contained metal via the Sorting process but their use is still very economical as 85%+ of the ore goes straight to the quarry inventory without needing to be processed in the plant as it is barren.