Ann: Interim Financial Statements 31 December 2022, page-2

A few interesting bits of info in the report.

“Market conditions look strong, for 2023 with growth in demand expected to continue from the defence, construction, mining and energy sectors, and supply continuing to look subdued with Dolphin Tungsten Mine being the only new significant supply entering the market in 2023.”

Management has forgotten about EQR?

"On 16 January 2023, the Group announced that it had been advised by its lead engineering, procurement and construction (EPC) contractor, Gekko Systems Pty Ltd, of constraints that have caused higher than expected costs in the execution of the EPC contract. These costs were estimated to be approximately $7.5 million."

Previous reference was "The extent of the newly anticipated construction costs is up to $7.5 million".

"Tasmanian government loan $10m variable loan currently at 7.74%"


"Management have prepared 12-month cashflow forecasts underpinning the basis of preparation as a going concern. Management prepared cashflow forecasts for the Group which rely on the following assumptions:
• Securing additional funding in the next quarter for the completion of construction of the Dolphin Tungsten Mine; and
• Securing additional funding in the next quarter to maintain operations through to steady state production and positive cashflows."

I am unsure if the above is referencing the completed recent raising or additional raising? Can someone more experienced in financial reports comment?