This is not a clean quarterly as there are lots of moving parts....

This is not a clean quarterly as there are lots of moving parts. This is not optimal production with many improvements signaled in the report that are still to occur.

Key take-away statements.
Mt Carbine
- more ore sorting capacity is coming.
- Cyclone had a cost as it delayed extracting ore from the pit until Feb 22 (more than half the quarter).
- Large amount of waste was removed.
- Plans to double the processing plant.
- Plans to double the crushing capacity.
- Plans for 24km of drilling
- Better infill drilling results from this morning.
- Re-targeting of high grade veins which are getting thicker as they go down.
- A scalper is being used to provide extra tons from the low grade stockpile at a low cost (complimenting the open pit).
- An assessment of the underground is not far away (open pit is 19% of resource).

I didn't think this quarter would positive cashflow, but there are certainly good signs of improvement.

My reading of page 13.
The $3.071m of cash for Mt Carbine was lower due to $1.35m of prepayment from last quarter. If you want apple and apple. They produced $4.421m this quarter for a cost of $3.562m (and heavy in waste removal).

Saloro has a raft of improvements that haven't been delivered yet. They have only had it a few months.

There are signs of tungsten price improvement which will help the $$.

Cronimet are still coming in at 9c. I still stand by my statement. The two parties that know the most about these projects are prepared to put their equity (Cronimet) and cash (Oaktree) at effectively double the price, tells you lots about the future opportunity.

Current negotiations with critical mineral funds and Govt regarding future funding plans (especially the doubling of the plant).

The noise around tungsten is only starting to occur. The EV, solar, nuclear fusion and military build up all add tail winds all at a time where we are NEARLY there.

I expect it will take another quarter or two, to see the full potential of these mines, but I'm not swapping with any other player (Tungsten West, Tungsten Mining, G6M or Almonty).