The feasibility study being undertaken will cover the existing stockpile (increasing ore sorter capacity) - 5 to 10 years worth. The new open pit resource from the current drilling program ( 5 years) and building a new processing plant which will increase production (a number of times). Est cost is probably $25m to $40m. The aim is to debt fund via NAIF or other players (European banks, Offtakers etc).
Feasibility study 2 will be the underground and likely exploration of Iron Duke (given the above results).
Additionally, they could add a smelting plant to increase the value add of the tungsten.
The resource will be expanded and probably an uplift in grade given they are looking to mine the king veins and not the whole deposit.
EQR Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
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