Ann: Iron Duke Discovery and Potential Pit Extension, page-19

Delays have occurred and EQR production last quarter missed prior company comments by a long shot.

However cash on hand is not an issue for now.
-At the end of last quarter they had $2.7m
-On the 4th of Jan they received the first $5m from the recent royalty deal with regal resources.
-They are due to receive the second(final) tranche of $5m from the royalty deal on environmental sign off for the open cut this quarter.
-Next quarter they are due to receive the next tranche of the CMAI 6million dollar grant. Previous allotment was $1.8m (30% with 70% to go)


Of note is the potential for a second $10m royalty deal. If you are interested in EQR I advise having a look and running the numbers on the original royalty deal. It shows a lot of confidence in the project.