Ann: Application for quotation of securities - EQR, page-24

At the end of the day, it's only speculation why an investor converted early and we are unlikely to know.

However more important things are happening at Mt Carbine. If you haven't listened to the webinar from last week (it's on company website). They provided an update which included Kevin saying they averaged 3.3t per day last week. Looks like the new gear is starting to help the processing plant by crushing and sorting more stockpile rather than tailings. Kevin said he's planning production to reach 300 t per month when the open pit mining happens which should be very profitable. Tony (geologist) gave some insights into why the grade has changed and the potential for more tungsten and other metals around the area.

They seem to be making alot of progress while they are waiting for the BFS to finish.