Agentari - not difficult to sense some frustration with SP -...

Agentari - not difficult to sense some frustration with SP - with you on that one.

You have set a time frame of 2-3 years so I am going to have to make a few assumptions as follows;
1) FNQ to be operating as both open pit AND underground AND profitably
2) Wolfram Camp is brought into the frame and making a contribution - perhaps even a positive one by then
3) The third mine in the Qld cluster has come on board and doing likewise
4) Perhaps Qld/Federal Govt $$$ assists with downstream "value adding" on the back of the cluster and under Critical Minerals program
5) The USA' IRA will be in (Jan 2026) - we know what impact this will have on supply/demand
6) Saloro will have been further explored and have a greater MRE
7) Perhaps 2 extra mines for the Iberian cluster will also be in the fold - procured via Oaktree/Cronimet contacts

By the time this has all played out, and supported by Oaktree/Cronimet driven marketing, you wont have to worry about the share price - the forces of the market will take care of that. Good resources, good management and genuine regard for shareholders will materialise in SP accretion.
Regarding competitors - based on the landscape and players at the moment, I just cant see this as having a negative direct impact on EQR - my concern on this though is how the global economic appetite for 100/- tonnes plus of W03 per annum is going to be satisfied. Others will have to step up - and fast. The Jan 2026 IRA is not far away

"..do they care.." - if you are referring to EQR and Oaktree/Cronimet combined, you can bet your bottom dollar they care. O&C are both in at a premium to current share price because they are believers and long term holders not just in EQR "here and now", they are believers in both EQR and the global tungstenopportunity which they know is going to present itself in your specified time line of 2-3 years, post the 2026 IRA, and notwithstanding the hugely significant issue of defence stockpile restocking on the back of current middle east conflicts.

They are laying down a path to being the global tungsten "go to company" of the future.

Regarding your option 2, buy back, privatising etc - this is where it could get really interesting.

Kevin and Oliver have now built up a significance position in the global tungsten market and have surrounded themselves with some very strong alliances – Cronimet; a privately owned multi billion dollar commodity house and recycler, Oaktree: a $USD 200 billion plus asset manager and Masan: global leader in tungsten supply to a hugely diverse industrial base of global customers. (There is an MOU in place between EQR and Masan to share technical advice)

My personal opinion is that neither Cronimet nor Oaktree have ambitions to become a miner per se, that is not their immediate skill base nor their strategy. Masan, however, ARE a tungsten miner with their long operating and very productive mine called Nui Phao in Vietnam.

Whatever happens in this space, noone knows at this point, but suffice to say something will happen and needs to happen, and fast, if global consumption is to be met. Big business dollars and/or Govt dollars will be required and not just be restricted to Australian Govt $$ either.

The above is not really intended to be a direct response to your specific questions but merely my thoughts on some of the points shareholders should consider about where the company is going and how things could develop over the next few years.