So, what does the updated presentation tell us.
1. The company continues to be tight on cash. Unfortunately, they all have been.
2. Oaktree are firmly behind the company with $8m in to reduce Saloro debt.
3. Expand capacity at Saloro.
4. The size of the raising was pretty good, given we struggled to raise $4m in December.
5. The tungsten price is on the rise and we are actually producing to sell into it now.
6. The addition of Craig Bradshaw to the board is significant. He is a ready made CEO replacement for Kevin.
7. Saloro is cashflow positive and we just need to get into the higher grade ore at MC which looks like being in the next month.
8. Saloro has been an amazing turnaround story which confirms that its all about the recoveries.
9. There are many discussions with Govts happening at a time where they can't source the raw material. There are not many options out there.
10. TMG is progressing. Given the lack of ferrotungsten refining outside of China and Russia, this is a value asset and a good way for us to increase the margin on the raw material.
11. There are a range of value catalysts coming over the next year.
Looking at the other listed tungsten players
G6M - not trading and got problems
TGN - Mkt cap $65m and no where near producing.
AII - Mkt cap $714m, producing half what we did last quarter and with the promise of Sth Korea (but yet to deliver).
TUN.UK - Mkt cap $8m. UK mine still struggling. Not producing.
FWZ.CA - Mkt cap $364m. Canadian deposit, not producing until 2027 or later.
GMET.UK. Mkt cap $55m. US deposit, only drilling, is still 3 to 5 years from production.
and here EQR sits at $100m with 2 producing mines with plenty of resource to add and near term capacity to grow.
Tungsten is difficult to mine and we have proven we can recover the material. We just need consistency from Mt Carbine.
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