Informative interview about tungsten market, page-22

Wolf is no longer comparable to wannabies because Hemerdon is fully financed through to production and the company has spent several 10M Pounds on construction already. That makes their balance sheet incomparable to those of the wannabies. They are actually transforming into a producer. Their USD 210M plant is buing built as we speak. Compare this to CNQ's USD 14M toy. BTW, when I invested in CNQ it was running under the name of Icon Resources (III) and at that time it was way ahead of Wolf/Hemerdon.

You should be aware of the fact that the "BFS" you are basing your argument on refers to a formerly proposed $55M plant (according to The Australian it's $70M today). However, what CNQ management proposes today is a much smaller $15M plant which obviously can not produce the same amount of tungsten and accordingly will entail totally different production costs. So talking about a $15M plant and citing $55M plant BFS figures at the same time must be considered misleading since it is either one or the other and you can't have both at the same time.

You wrote: "The hard rock permissions aren’t required until after funding for the stockpiles is in place." That's wrong as I had explained numerous times. Clearly CNQ implied both were needed to get funding. If stockpile permission was all they needed, what are they waiting for, why aren't they producing from stockpiles already? Why has funding NOT been obtained despite the stockpile permission being granted almost a year ago? We are not being told the full story.

"Revenues from tailings. Management has updates saying improvements are required but I think it’s safe to assume this will be done after stockpile funding is in place as they don’t want to use cash unnecessarily and the tailing production isn’t going to assist an off taker agreement."

I suggest you make youself familiar with what really happened ever since the tailings plant went into production.Two years ago it became clear the plant was SEVERELY UNDERPERFORMING and that's why management spent money (that originally was supposed to buy us long-lead time equipment items for the hard rock plant) on a "fix" that was supposed to rectify the situation. Soon after the money had been spent, it became clear the plant still was severely underperforming. In fact up to the present day. Trailing 12 months deliveries amount to 3 containers according to the latest available documents. That's roughly 3,400 MTU of WO3. When they collected our money to built the plant they told us it was going to produce 60,000 MTU per year. A shortfall of -94%. Despite all that money spent on the "fix".