Another good update and VERY PLEASED to also have the confirmed...

Another good update and VERY PLEASED to also have the confirmed notification from the Commonwealth Government that they will be paying the $6m GRANT.

For those new to the stock. The grant saves us either $600k a year in interest (from the BFS) if money was borrowed or 120m shares being issued.

There are a few moving parts with the EQR deposit which may not be clear at first glance to most investors.

The changes announced today

1. Increases the resource of the open pit in the BFS from 900k mtu to 1161k mtu. Increase of 29% plus the stockpile mtu's. The total drilled resource is 7.7m mtu's (with plenty more to come).
2. APT price assumption increased to $340 mtu from $315 mtu. Increase of 8%. In the BFS, the sensitivity analysis suggests this would increase the IRR from 154% to near 200% (not sure of NPV).
3. BFS assumed $20m capex at 10% = $2m interest. The capex interest looks like $600k pa. A saving of $1.4m per year for at least 5 years.
4. The strip ratio reduction from 11:1 to 3:1 is likely to be significant saving. Checking the BFS, can't find a $cost comparison (anyone know anything about the savings). From memory G6M strip is 14:1 ton.
5. Lower strip allows bigger gear to be used. BFS had 120t excavator, now 190t excavator. Dump truck were 45t now 55t. This is likely to provide efficiencies and lower costs.

This thing is only getting started. Imagine what will happen if it gets some broker coverage or investor interest and BTW. Defense spending is not going down and NYOBOLT (UK) is commercialising their fast-charging battery technology (3-5 mins) with a mixture of niobium and tungsten.

Oh, and plenty of demand for quarry material and also references to more drilling to come.