Not sure why the market can't see it. Maybe because we don't...

Not sure why the market can't see it. Maybe because we don't have research with a target price. Tungsten not seen as being sexy & no history of successful tungsten companies outside of China.

In saying that, all the piece are there. The gear, the team, government support, tungsten price (has held up while most other commodities have fallen), AUD is under $70c. Little debt and little impact from rising interest rates. JUST NEED THE PRODUCTION.

Working some back of envelope numbers from the upgraded resource.

If NPV is lifted to $250m & we trade at the same discount to NPV as G6M (should be at a premium to them as we have de-risked) G6M NPV $241m Market Cap $145m = 60%.

Applying 60% to NPV $250m for EQR = Mkt cap $150m = 11.2c per share
If NPV is $230m = Mkt cap $138m = 10.3c per share
If NPV is $200m = Mkt cap $120m = 8.9c per share

BTW using the same approach and the current NPV of $131m, gives a share price of 5.9c (assuming no resource increase).

I don't get what the market is waiting for, but I'm happy to acquire a cheap asset that has been de-risked, fully funded and is operating.

The big assumption the market is making on G6M is they can obtain the recoveries done in trial labs into the actual mine. We have seen recovery problems with CNQ (first time), Wolf Minerals (UK), W resources (spain). Another one of the Europeans is having recovery problems.

EQR is obtaining high recoveries by using the ore sorters and other management improvements that Kevin and his team are employing. It's not easy, but it should be profitable for companies that can achieve it.