This is the really unfortunate aspect of being part of the...

This is the really unfortunate aspect of being part of the micro-cap market - you get "pidgeon holed" as a high risk, low probability of success type of stock in a market that is suffering from the wounds of self inflicted energy driven Govt policies that simply waste money and drive up costs across the board.

Anyone pre-invested in this market who needs to raise funds to meet a mortgage payment or rent etc, will need to sell an asset they do not want to sell, but have to.

Consequently, many very successful, well managed and well positioned companies within this sector, get unjustifiably sold down which is not only very frustrating for shareholders, but also for management who, in this case, are making very positive, forward and upward steps in a difficult market.

Where normally management would be rewarded with an increasing share price, the market meets their efforts with a sell down.

And this is why I think this letter to shareholders from the Chairman is so important - its is not only a sincere indication of their concern for shareholders but a very positive message that progress at Mt Carbine and Saloro is going well.

Management has a "..strong belief in the resilience and the potential for our company."..and, as "..the largest independent tungsten concentrate producer outside China.." have positioned the company as "..an integral part of the globally relevant supply chain of the critical mineral tungsten."

" Mt Carbine continues to witness consistent ramp-up and operational improvement...." where the March Quarter production has surpassed the levels achieved in our strongest quarter to date, Q3 2023.

Saloro (an acquisition not well receive by some shareholders) has implemented a 2nd XRT in " record time and has consistently exceeded expectations.." as well as achieving grades of >2% with 26% more material going to the gravity plant.

Despite difficult times, EQR are achieving great things and they will prevail