Ann: Trading Halt, page-83

I think you are correct. QIC was a highly credible funding option:

Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick commented:
“Our investment through the Queensland Critical Minerals and Battery Technology Fund provides a pathway
for EQ Resources to extend the existing mine by further exploring tungsten resources accessible through
underground mining. New plant equipment, drill testing and trial mining is forecast to increase capacity and
extend the mine’s life by at least five years, ensuring global demand for tungsten continues to deliver local
opportunities for Far North Queenslanders.”

Minister for Resources and Critical Minerals Scott Stewart commented:
“The resurgence of tungsten production is another remarkable success story in Queensland’s critical minerals
boom. Since returning to operation in 2019, Mt Carbine Tungsten Mine has become a major employer in the
Far North, where 175 workers and contractors are on track to produce about 3,000 tonnes of tungsten
concentrate every year. The existing open-cut mine is forecast to reach its end of life by 2029, but the Miles
Government is committed to supporting these workers and the communities they call home.”

QIC’s State Chief Investment Officer Allison Hill commented:
“Securing additional tungsten mineralisation will strengthen Queensland’s position as a significant contributor
to global critical minerals supply chains. There are relatively few mines globally in a position to fill anticipated
supply-demand gaps for

Instead, they've chosen to swim in shark infested waters.....

EQR's financial/business development decision-making remains very questionable, imo. SHs are owed an explanation. In particular, I would like to hear Oliver's reasoning behind this decision.