Binbin- We are the largest tungsten producer in the ‘Western...

Binbin
- We are the largest tungsten producer in the ‘Western world’. TRUE
- Management have done an amazing job since acquiring Saloro and have improved recoveries from 35% to 65% with possibility of achieving 70%+ recoveries; TRUE
- Saloro achieved record production in the latest quarter; TRUE
- Mt Carbine achieved record production in the latest quarter; TRUE
- EQR are now supposedly cash flow positive; If just looking at normal expensive rather than capital expenditure - TRUE.
- EQR are on the verge of extracting high grade tungsten from Mt Carbine which will significant improve production; TRUE, but they need to remove the low grade and waste benches. See the latest photos. The benches are on the western side. The higher grade veins are below these.
- Geopolitical tensions have supposedly resulted in everyone scrambling to secure supply of tungsten and there has been increased interest in EQRs tungsten; TRUE, they have been receiving more enquiries. however APT price hasn't moved much.
- The latest planned acquisition of TMG will allow the company to diversify through vertical integration and improve EQRs margins by 20% through the sale of ferrotungsten; TRUE
- Observations from the latest tungsten conference showed lots of downstream players keen to support tungsten projects in order to secure Western supply; TRUE
- It is currently a sellers market and “EQR could probably sell 3 times the amount of tungsten that they had available”; TRUE, not many Western suppliers, but price is generally set by Chinese market.
- Secured a 5 year $30million offtake contract with Elmet.- TRUE and this allows us to be considered a US domestic supplier and we have already applied for a US Govt grant under the Critical Metals act (assisted by Elmet)
In relation to the QIC loan, Kevin stated “We are pleased that the opportunity has arisen for such extensive and ATTRACTIVE funding support from the Queensland Government”. TRUE at the time.