I'd imagine gopher is highlighting that it's a larger problem...

I'd imagine gopher is highlighting that it's a larger problem for Almonty because they had a substantially higher amount of debt to begin with and the resulting increase in revenues has been limited.
Almonty has CAD$158M of debt/borrowings vs EQR's AUD$44M at December 31, 2024. If you're looking at total liabilities, Almonty has CAD$217M vs EQR's AUD$140M. From December 31, 2023 to December 31, 2024, Almonty's total liabilities increased by CAD$30M, which is the same movement as EQR's (except in AUD). During that time, EQR's revenue went from $7M for the half year ending December 31, 2023 to $35M for the half year ending December 31, 2024, which is 5x higher. Almonty's went from $23M to $29M year over year, 0.25x higher.

If you're pointing at the increase of $90M from June 30, 2023 of $39M of total liabilities to the $140M at December 31, 2024, most of that is from the acquisition of the Barruecopardo mine (AP and borrowings). So your notion that EQR's liabilities are spiraling out of control don't appear well founded as there was a one time jump resulting from an acquisitions.