There has been a reasonable amount of commentary around the...

There has been a reasonable amount of commentary around the expansion plans and management not being focused. I think it's unfair and mostly without basis. It suggests they can't walk and talk at the same time.

Mt Carbine would not have produced any more tons last quarter if we didn't have Saloro. The cyclone slowed up production with 1.5m of rain. The doubling of the crushing and more ore sorters wouldn't have been any faster than in the current plans.

If we had taken the let's focus on Carbine approach.
We wouldn't have
1. Wolfram camp and we would have allowed another competitor into our region.
2. MOU with Masan, who are providing assistance with Saloro and looking at other opportunities.
3. Saloro - the largest producer in Europe and generating more cashflow than Mt Carbine over the last quarter. Production improvements have already been made and others have been identified, just need to implement. Not far from positive cashflow and a rising tungsten price. The deal with Oaktree (one of the largest fund managers in the world), means they are now our biggest shareholder and provides opening to other opportunities.
4. ERMA - agreement with European raw materials alliance - looking at favourable financing terms as Europe is becoming very focused on critical metals given the threat from Russia.

There is more to this than one mine and the potential to be the dominant tungsten player is right in front of us as evidenced in the latest presentation. There are others around that are also struggling to deliver and some cases not at production (even though promised over the last few years).

For anyone thinking this is not a proven management team. Please read their BIO in the latest presentation.

The deal done with QIC has been done on a commercial basis. QIC is a serious investor and would have gone through a long DD process. There is lots of risk with junior mining companies, so they need to make sure they are protecting their capital.

I'll say it again. Oaktree and Cronimet were happy to put cash and equity in at 9c for a reason. They know what they are looking at.