Ann: EQR acquires Tungsten Producer and Secures $25M Funding, page-88

Scott I missed this link you posted to Kevin speaking about the acquisition. Re positing for others who may also have missed it

For those that have issues with either the timing of the deal or concerns around the amount of due diligence performed Kevin states in this clip:

"It's been almost a year in the making that we have been working and doing DD and back and fourth to Spain and we've bin stuck into the plant for the last month or so, it's really a big acquisition for us."

"On Solero we like I said have been involved in the ramp for their metallurgical recovery in particular and that's where we really seen the opportunity around the XRT sorting and they have installed one XRT sorter now and have provisioned room for a second one so we think that'll be sort of a first move is that we'll quickly move to getting a second XRT and a third and a fourth probably it's quite a large operation there... it does work very well on their ore and we think this is sort of a game change."

I, like no doubt many here, believe in Tungsten's future. This deal will be very valuable if the Tungsten price doubles over the next 5 years.

Looking at the Ormonde mining 2018 presentation. They were aiming for a 9 year mine life producing 260,000 MTU WO3 per year.

Current concentrate output is at 65% grade.
Converting the 260,000 WO3 MTUs into concentrate MTUs @65% gets 400,000 MTUs of concentrate.
Converting the 260,000 WO3 MTUs into concentrate MTUs @50% gets 520,000 MTUs of concentrate.

Mt Carbine is expected to reach between 300,000 and 600,000 MTUs concentrate @50% over the next 7 years.

As announced Solero's current production is 140t or 14000MTU a month or 168,000 MTU a year @65% (equivalent 218,400 MTUs @ 50% concentrate)

Given the addition of XRT sorters, the fines recovery circuit and other expected upgrades it is possible that Barruecopardo surpasses Mt Carbines monthly output when both are running smoothly at capacity. Of note is the original BFS for Barruecopardo had 40% plant capacity spare which should translate to adding in XRT sorters, increase mining tonnes and pushing the plant to 90%+ for a solid bump to production numbers.

One of the broker reports mentions that currently Barruecopardo is free cash flow positive at 140t per month. I expect once the deal is completed it will be a rush to implement the new upgrades and get the tonnes per month well up and the free cash flow many multiples of what it is now.

One of the major issues EQR has had over the last few years is around visibility, interest and the resulting lack of liquidity on the market. This deal brings us onto the global stage front and centre as being the largest western producer of tungsten today. And rapidly increasing. If this doesn't change the investment interest in EQR I am not sure what will.

Having had a few days to read reports and understand the deal I think those that are not 100% happy with the acquisition will have a change of heart over the next 12/24months as it all comes to fruition. 15% dilution and 50m+ of debt to obtain what looks like it could be another current phase 3 Mt Carbine mine feels like a great mix of dilution and debt for current shareholders. Imagine going to market to obtain $50m of debt funding today to get a similar outcome as management have achieved.