Here are few of my own notes on what was presented today by...

Here are few of my own notes on what was presented today by Kevin, Tony & Ollie
It was great to hear Ollie tell the macro story on tungsten, how suppliers are few, demand is going up, legislation tightening on conflict/slavery minerals, China prices going up with production going down.
All this points to a perfect storm building and a made dash being made for product (including by the DLA). Everyone, literally everyone, will be drawn to producers most likely to reliably supply material. EQR, with 3 mines and more to come, and with a focus on vertical integration, will certainly be at that table.

The next exciting development for me will be the announcement about European Critical Minerals alliance with Australia opening up "very attractive" funding for Australian companies such as EQR.
Then of course will be the Saloro webinar after completion of new equipment installation this week.
Then there is Tony, who will be chasing those thick veins down - so watch out for those drill results

Ollie

Emphasised that Kevin & Tony’s drill plans etc represent 80% of the known resource and has huge upside to get these upgraded into the financial modelling
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Govts are tightening up controls around critical minerals sources and practices (i.e. conflict, traceability and slavery) and are putting down protective legislation – many illegal operations are closing down right now as a result
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USA’ DLA have stopped reporting their stockpiles which is a sign they are running extremely low – it is expected that they will re-enter the market as a buyer this year (2024)
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Original BFS projected the “planting doubling” to be in late 2025 – will now be in late 2024 – 12 months ahead (and on budget)
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Later this month an announcement by European authorities will approve Australia to qualify for “very attractive” European project funding
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Discussing some Spanish expansion ideas in the context of European funding
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Key tungsten consumption indicators are all pointing towards the world heading for tungsten deficit – probably this year – China production quotas down (usually always up), their imports are up
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Nobody wants to keep expensive inventories – but suddenly everybody rushes into the market – and we are exactly in that phase
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China concentrate prices up 20% since January
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There is a bit of panic for us as producers – there is great pressure within the industry to diversify supply sources
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Producers – G6M, Canada – struggling - Spain has decommissioned some projects – generally all other projects are dragging their feet

Kevin

Sought out assistance from the Qld Govt BMF – to obtain funding to reduce costs, double plant and go underground – got the $20M from QIC
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QIC see EQR as a key critical mineral company in Australia – a great show of recognition for a junior mining company
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Re plant doubling – a lot of the key pieces of equipment are already on site – scalper for LGSP, crushers etc
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Concentrate production between Qld and Spain has increased by a factor of 6.5
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Continuing with vertical integration strategy – spoke and hub, Wolfram Camp, Bamford Hill looking good – also the same spoke and hub concept in Spain – several properties around the area are good targets for expansion

“Strategic” clients looking for supply ex-China – relationships being strengthened
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Currently mining at around 1 million tonnes per annum and looking to double that
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What’s coming - Kevin

Partner, Masan, has been broadcasting a tungsten price increase for a while – and here it is
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New scalper on board, plant doubling (equipment on site)
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We are going to see some really nice drill results – Tony knows where the high grade stuff is
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BFS on underground on its way – Tony heading over to look at Wolfram Camp – nice grades reported on Bamford Hill
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Saloro – major equipment installation going on this week – separate webinar to cover Saloro operations is planned after this upgrade

Tony

Stage 1 pit – only 11% of total mining - to finish in 2 months – will have produced 2000 tonnes of concentrate
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Stage 2 pit – where most of the ore is located – has most high grade intercepts - Johnson has 11m @0.21% but 20m below is has 11m @0.68% - veins thickening down into the pit
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Lots of drilling to come in Iron Duke etc with significant life of mine
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Can mine “along the vein” and just drop out the ore