FocusI've raised the issue of parties selling down with...

Focus

I've raised the issue of parties selling down with management and they have been unable to identify any constant seller(s). The bigger problem is the lack of buying as there doesn't seem to be enough volume for investors and/or traders to move in and out of the stock without collapsing the price.

In short, the market, either doesn't understand or not convinced of the value. Lack of broker research isn't helping!

Until we have broker research which I hope will be coming after the next NPV update and a good quarter of production. It's forums like this that are the only way of showing the value.

Thankfully we have G6M nearing production as there aren't few peers to benchmark against. Almonty (Sandong) is a few years away, Tungsten Mining not going anywhere, Tungsten West (UK) is on it 3rd go and the Spanish mines are struggling.

Based on the closing price tonight G6M market cap is $145m based on a NPV $241m = 60.16% of NPV They also have an IRR of 42% and will have $40m of debt. Their NPV includes the underground which has some ???

EQR market cap is $64.5m (share price 4.8c). Current NPV of $131m = 49.25% of NPV. If using the same % as G6M then the share price should be 5.9c. We should have a premium due to being in production. The NPV only reflects 1.8m mtu from stockpile 10 years and open cut 2.5 years

On top of this, our resource has been upgraded by millions of tonnes and the mtu have increased to 7.8m

An upgraded NPV is coming but the company is contemplating how much will be open cut and how much will be underground. My guess at the moment is the NPV will increase to between $200m and $250m (with the 2.2mt underground not included). However if more is put in the open cut, then the NPV could go higher.

The dumb part is we know the value upgrade is coming and the market hasn't added any value.

At NPV of $200m based on the current % of 49.25% gives mkt cap of $98.5m = 7.3c share. If we move to 60% of NPV, mkt cap $120m = 9c
At NPV of $250m based on 49.25% gives market cap of $123m = 9.2c. If we move to 60% of NPV. mkt cap $150m = 11c

This would add a few more years (5-8) of open cut and cover 3m- 4m tonnes. The total resource was increased to 30m

I had long discussions with Andy White about Mt Carbine's history and what he knew. He always said there was at least 30 to 40 years of tungsten production.

The recent geo-survey work undertaken with the Unis has increased their confidence regarding the long term future. To the point where Tony (head geologist) said in the recent webinar. THERE ARE MULTI GENERATIONS OF TUNGSTEN HERE!!!!!

If investors think this is a short mine worth a couple of hundred million, then they are missing the point. Another line in the recent presentation. There are approx 50 different old working on the lease, of which they have drilled about 3 or 4.

Happy to keep on acquiring. Got a few more today.