Here is the term sheet. A couple of observations.1. Oaktree...

Here is the term sheet.

A couple of observations.

1. Oaktree coming in for $8.75m. That's going to pay down the Spanish debt by 5m euro. You might have noticed in the Saloro credit facility extension it only covered 20m euro rather than 25m. This is why. This will take Oaktree to nearly 20% which is their limit, but it's a big vote of confidence.
2. while any cap raise can be disappointing, it was needed to a) improve the balance sheet b) get the 3rd order in Spain to lift production and c) get Mt Carbine to the higher grade material.
3. The tungsten price is now over $400mtu and rising, which is given a nice boost. The offtake agreement signed are at market prices.
4. Saloro already cashflow positive, just need MC to get to the higher grade.
5. The price is below where they wanted it, but the sell down last week forced them to set the price here.
6. I had a look at EQR and Almonty balance sheet. While we need our balance sheet improved, Almontys in worse position.

		Summary
1		EQR	AII
2		thousands	thousands
3	Current Assets	25291	30202
4	Non Current Assets	162708	247939
5	TOTAL ASSETS	187999	278141
6
7	Current Liab	110576	47802
8	Non Current Liab	27471	213137
9	TOTAL LIAB	138047	260939
10
11	Asset-Liab	49952	17202