Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-87

I'm not shocked by the reduction in share price as it's dropped on very little volume ($72k of value yesterday) which is how it's always moved around. A large buyer steps up and we shoot up quickly and stay there until an existing holder wants out and it drops back down fast. I won't disagree with anyone that it's certainly disheartening to see at current levels.
Existing investors are waiting to see what happens in the next quarterly and forecasts showing we're on a clear path to profitability at both mines before picking up more. Those on the sidelines will be looking for the same thing unless they think it's worth a punt at these prices. However, compounding that and probably the reason we don't have punters lining up is that we don't have a great marketing presence to get more buyers in the queue. Tungsten is not 'sexy' or a play that many think about.
I've said it repeatedly in the past, IMO the greatest risk for investing in EQR is a liquidity risk and being stuck without being able to get out of a larger position. If you look at total volume of trades since we were at a 6c share price, I'd hazard a guess it's probably only around $1M of shares that have changed hands with MC dropping from $130M odd to where we are now. At a market cap of $75M with the assets it has, hell even the scrap value of those assets net of debt, I just can't see how we sink much lower.