Ann: Investor Update NWR Sydney Resources Lunch 2024, page-36

"If they show another quarter at the same loss levels we will be well in the the 3c range very soon."

It is a given that last quarter was another loss at MC, The 1/2 yearly shows they were losing $ 1.3 million a month and there is not even poster on HC that has said that production under 600t is profitable.

So the only question is how much did the lose. Then you have Saloro which also looks like production has under performed.

As for gopherbroke “..to position ourselves as the premier vertically integrated tungsten company over the next 3 to 5 years” There are not many opportunities out there for a vertical integration solution - DYOR on that one - you'll see

You might want to have a look at Almonty. They will have Sandong coming into production later this year and are well down the path of vertical integration.

https://almonty.com/2024/04/01/filing-of-its-audited-annual-consolidated-financial-statements-mda-aif-2023/
https://www.youtube.com/watch?v=rLHXPmKJERw