Yes, I've done a comparison. G6M has better grades, lower opex (?) EQR has lower capex, larger deposit (only a small piece in BFS), higher IRR & other revenue sources. EQR has lower debt.
G6M has a market cap of $132m and EQR $87m. 50% difference, but the lower one is 12 months ahead.
However it's the pieces that you can't measure that will add the value.
EQR is further down the process than G6M therefore lower risk, growing production and cashflow (taking advantage of higher prices in near term. Trained workforce, other resource targets (within EQR) and within the region. A new management team that has delivered product over the last 12 months (tungsten isn't easy to deliver as seen with the closing of Tungsten West again).
Speaking to industry players over the years. There are real concerns about King Island's underground given the proximity to the sea & they are unproven regarding delivering at this point.
We have seen lots who are good at marketing and raising money, but can they deliver? The old saying - mine the mine or mine the market
I hope they can deliver as we need to have a number of successful tungsten producers, so the market understands the mineral.
EQR Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held
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