is wolfram profitable the answer is no, page-20

The answer to QOL's future profitability is almost certainly Yes. Unknowns are future metals prices and exchange rates - former are good and strength of A$ whilst chipping away at sales dollars does moderate escallating diesel costs.
re the recent capital raising - it was management's stated intention to take on board some borrowings - but the credit crunch closed that option. Lenders categorised QOL as an explorer, without any credence given to their near production status and their best offer involved a 26% (of sum borrowed) fee, plus interest! A capital raising was inevitable.
To Management and Contractor's credit the plant is meeting operational expections - the first tonne of Moly Sulphide was on time and I understand that the first 20 tonne shipment of Wolframite concentrate is imminent - and on schedule. Shipping from Brisbane means access to regular shipping schedules and thus enhanced cash flow.
All exploration and development at Wolfram Camp meets with expectations - there are many of the super-rich pipes exploited in the '70's still out there (deeper is better) and of the 163 exploration holes to date, 16 have encountered prior mining - 10 of these where expected. As somone bitten by both Ballarat Gold and BDG, I find this rather comforting!
Mt Cannidah looks better all the time and serious exploration at Bamford Hill is moving ahead. Exploration expenditure looks well covered to the medium term and the commodities Copper, Molybdemum and Tungsten look like a great place to be.

I am not an analyst, DYOR.