A very nice update. I was hoping for $200m, so $210m is pretty nice.
Plenty still to read, but the 101 pages suggests these guys are serious and not just a lifestyle project some of the nay sayers have suggested over the years.
Important to note - this only includes the main pit. It doesn't include the West dyke, iron duke or the 47 other potential tungsten identified sites.
The next phase is to increase the resource which will only increase the value and the IRR. It has a low level of risk given the sensitivities. Tungsten price has to fall 52%, The AUD has to increase 74%, Mining costs have to increase 126% and Capex has to blow out 1469% before we at IRR of 0% (and very little debt).
Further resource from the other areas will only enhance these numbers. Puts us in a very strong position.
Another important point. This update has been based on real world production & activity and not assumptions based on a lab results.
EQR Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
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