Cashflow good but was expecting more. Looks like the quarry has produced all the material for BAMA but we haven't been paid for it. Also references to wet season has slowed things down as well.
The quarry is bridging the gap until the processing plant can handle the stockpile material via the Ore Sorter. This is where the real uplift in production will come from. At this stage they seem reluctant to put it through the retreatment plant until they are confident they can recover a high %.
I'm not sure what an independent feed system is but it sounds like they need to bypass a part of the existing plant. Hopefully this isn't large capex and it can happen soon.
So, the tungsten sales were tailings which is a lower quality and price. The tailings is really about the project moving along and fine tuning for the stockpile and the hard rock material as opposed to generating profitable cashflow.
Looks like progress on the gold - good.
Kevin taking over permanently is a positive as his production experience will help.
No news on feasibility studies which is disappointing but I sense they want to make sure they are dealing in facts rather than back of envelope promises that can occur in the junior mining space.
Any other thoughts!!
Patience is still a virtue
EQR Price at posting:
3.9¢ Sentiment: Buy Disclosure: Held
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