Ann: Material Increase in Mt Carbine Ore Reserve, page-10

I have been in Eqr since 2018 when it was known as SEI and I have learnt two things that help to explain the disconnect between what the company has been achieving recently and the lack of interest/share price appreciation. 1) Mt Carbine has burnt a lot of investors over the years (decades) and many people have negative views. 2) Tungsten is a pretty unknown/unloved commodity mainly due to chinas previous ability to tank world prices and destroy western tungsten producers. Many people still hold the view that tungsten is not a wise investment in general.

For Eqr I expect this negative view will only change when the company has a quarter or two of positive cashflow and an increase to the cash held. With any luck this quarter will be the first profitable quarter. Although they are still spending $$ on new kit and exploration/resource/bfs increases so it may be another 3 or 4 quarters until the open pit has fully kicked in before the bank balance starts to grow.

At the end of the day in my option this just means for those of us that are willing to risk some capital and have some patience we hopefully will be rewarded nicely. I have been very pleased with the way management have been running the company over the last few years. I do not believe China has the ability to kill the tungsten market especially now that there is a lot more attention on western supply lines. I also believe that with the technology (XRT sorters/ Plot logic/ increased size of the mining fleet) Eqr is using at Mt Carbine the Mr Carbine operation has never been at a better place.

TLDR: Zero concerns