A good update even though it's only for a day 11 ton and a...

A good update even though it's only for a day 11 ton and a week56 ton, but it starts to show the potential.

Tungsten does have an image problem in that there is no other successful example to focus on. In saying that, you are looking at it grow in front of you.

The facts remain that tungsten is more economical important than lithium, cobalt and rare earths and is basically controlled by the Chinese.

Today's announcement shows the potential of being able to process & recover higher grade ore as it comes out of the pit. I've said it many times before, other failures such as Wolf Mining (Tungsten West) Ormonde (Saloro) and even Mt Carbine 2012 version (SEI), couldn't get recoveries above 40%.

Almonty and G6M are also to prove they can gain a high recovery. Kevin and team have been able to deliver which is partly why Oaktree have partnered with us.

Oaktree aren't going to make any noise about EQR until the deal is finalised and then we may see some proactivity.

In relation to dividends, the original Pacpartners research had a dividend from 2026.

EQR is likely to first spend money drilling to increase the resource and hopefully the NPV. Then, exploration for Wolfram Camp, debt reduction, double processing plant and going underground. All will add value to the shareholders. After this, probably dividends and even share buybacks.

Management thankfully will have a range of options.

So, the lack of price movement at this stage. We have seen it before, sellers taking profits (many reasons why they might do this), but it doesn't change the economics of this company.