Ann: Strong BFS Update Delivers 47% Increase In NPV, page-14

agree with some of those statements.
- tungsten not well known.
BUT everyone has it as a critical metal.
- China will kill it.
They did in the 80's to 2010s but China's costs are too high and the economics behind EQR are very very cost effective. The US has banned Chinese tungsten from US Defence from 2026 and the West want secure supplies. Up until now, no one else has delivered consistent tungsten. Masan is the only major non Chinese to get up and running in the last 15 years and they are with us via MOU.
- Previous EQR management teams
They have tried to build the project using little capital (small capital raising). However each has left their mark on the progress (with no debt). The fact that small shareholders still have this asset is remarkable. Previous management had been given deals to sell out to bigger corporates over the years but always resisted. The current management team has put the pieces together (Kevin Ollie ZP and Steve) and it has been Kevin who has been able to get the recoveries high enough to be viable.
- Unfortunately, other players have struggled and are continuing to.
They are just facts!

In any small mining project, it takes a while for the market to understand, especially when it's a small vital commodity with few examples of success.

Therefore, people won't pay attention until the cash is in the tin. BUT even if the economic numbers are reduced by a quarter, there is alot of upside in this.

The demand from defence is only growing and the potential from the Nyobolt EV battery is a complete game changer.

If Nyobolt get a small portion of the EV battery market. They could demand all the tungsten supply. I wonder what happens to the price then.

Merry Christmas