Ann: IMARC Investor Presentation Update, page-2

The updated chart shows very little is produced outside of China. Given the upcoming US restrictions and more tariffs. No Chinese sources are going to be in demand.

At the moment, EQR has 2 producing mines and is the largest Western producer. There may be other miners coming, but history shows that it's not easy to convert a resource into actual mtu's.

We are at the front of the pack at a time when critical minerals and supply chains are front mind from Governments and industry.

The International Tungsten conference in Spain probably highlighted that issue and it's important to remember that with the Elmet deal we are actually considered a US domestic producer.