The KIS $10m loan from Tas Govt isn't paid until KIS gets other...

The KIS $10m loan from Tas Govt isn't paid until KIS gets other finance in place. So, it more a promise.

The cap ex is more than double what is likely for EQR.

KIS puts out an announcement they moved 10 tonne of ore for a trial and they go up 6%. EQR is selling about 20 tonne of tungsten per month and it goes down.

The NPV of KIS is about $244m. EQR is likely to be $250m-$350m with additional deposits to be drilled and capacity to put a smelter in for added value from other regional deposits.

Both KIS and EQR are talking to critical metals office. However Critical metal office doesn't have any funding, they facilitate to others. One major advantage EQR has is they are eligible for NAIF funding (who do have $$$), KIS isn't.

KIS mkt cap is $90m and EQR is $35m and is further down the production line than KIS.

Good luck to KIS, but EQR is still being mis-understood.