I want to take a step back and look at the big picture....

I want to take a step back and look at the big picture. Important to state that we are still dealing with a small developing miner and shit happens from time to time in a commodity that has a poor track record of success.

Management has been very strategic since restarting Mt Carbine.
1. They partnered with Masan who refine our material and who assisted with Saloro and Elmet and I would suggest are helping with TMG in Vietnam.
2. They assessed Saloro for more than 12 months and drove a hard deal. The goal was to increase recoveries. That has been successful, and they have increased from 38% to 60%+ with more to come. Those that questioned why now Saloro. The answer is Kevin thought he could improve it, and it would produce more than MC in the short term.
3. MC is currently working through the upper benches that they originally thought were waste. Some drilling found the Dazzler vein intersects, but it's still low grade. They need to remove this material to get to the higher grade material. That why Saloro is working very complementary with MC.
4. TMG have been around for a number of years. They couldn't source non Chinese wolframite (apart from recycling). EQR was the only place they could go.
5. Qld Govt awarded EQR - Wolfram Camp (rent free for 5 years) which will fit in nicely with TMG.
6. EQR has worked hard on the ESG credentials which paid off the Aust Mining - Environmental Award in 2022. This is very handy on the CV when talking to Western Govts and offtake partners about future collaboration (grants, preferred status & other funding options).
7. Each of the partners they have brought on can assist strategically. Cronimet, Oaktree, Masan, Elmet and Square.
8. At a time when China is potentially banning tungsten exports (1/12/24), the US DOD has banned Chinese tungsten from 2026 and a new US administration with a raise tariffs first policy. We are the largest producer and will benefit any increase in price.

This is not a perfect company by any imagination, but they have been getting a lot more right over the last few years than all of the others.