Yup sold on an FCA base at the mine Gate. @michaelhaley If you...

Yup sold on an FCA base at the mine Gate.

@michaelhaley If you haven't seen it yet the Full BFS is on the EQ resources website. A huge amount of information is contained in there.

wwwDOTeqresourcesDOTcomDOTau/site/invest-in-us/banking-feasibility-study

They used an APT payable rate of 70-75%. EQR gets paid 95% on delivery of ore (At mine gate) and 5% final payment based on weighing and assay results.

BFS used a usd $315/mtu APT price. Currently just over $350.

FY2022 is expecting 1203t of concentrate @50%WO3 (average of 2223 tpa of 50%WO3 concentrate but years 2/3/4 It shoots up drastically before falling back to ~1k for remainder(But only using 15% of known resource currently))

Of note is the comment (2.1.1) around cut of grade for the resource. "The resource model that was developed for the feasibility study contains a cut-off grade of 0.2% WO3 ore. There is significant opportunity to improve the quantity of ore identified in the open put by remodelling the resource to include ore below the .2% WO3 cut off. The processing facilities are being fed by the LGS with a grade of approximately 0.07%, so any waste identified in the current model between the LFS and the current cut off grade could be classified as ore and further improve the economics of the open pit operations."

It also contains an interesting bit of history around the historic mining (section 3 in the Geology and Resources chapter)