No surprises here. This is part of the QIC deal as they need to keep $5m in cash.
For those that want to view as half glass empty. DILUTION.
For those who see half glass full. This cements our position as one of the major Western producers at a time when the tungsten price is rising. It gives the much needed capital to double the processing plant, crushing from 83k tons per month to 166k tons per month and increased ore sorting. These have been the bottlenecks and will allow production to be increase.
It also provides 24km of drilling and opens up the real value. The underground. Remember the open pit is less than 15-20% of the known resource. This is about improving the knowledge of the underground resource and trialing underground by using the existing tunnel. They have identified some high-grade spots. This will increase the NPV of the project and show that Mt Carbine is truly a world class resource.
EQR Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
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