Thank you @mulligangolfer, I chipped one in from 30 odd mtrs out the other day, was stoked.
After EQR presented the acquisition details, to mine the numbers were just not adding up. Apparently the value after taking on further substantial debt would be in the EBITDA. (Eye roll). Oh and the feedstock & 20% margin on FT.
Previously listed as ATC Alloys LTD, ASX-ATA, and delisted Feb 03 2020. George Chen was stated as being a NED at that time also. Company name change to, Tungsten Metal Group Limited, as best as I can tell was on 20 Sept 2021.
Cash flow from memory, if I'm not mistaken, was predominantly from government grants?
IPO didn't seem to have much interest but that could be cause of the lack of product/market understanding?
Source of historical data https://desisted.com.au/atc-alloys-ltd
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