A new 12 month high and probably the highest point for 5 plus...

A new 12 month high and probably the highest point for 5 plus years.

However not unexpected when you look at the detail.

2 pieces of research with 10c and 12c target prices. Both saying more to come.
An existing BFS with a low capex $20m. NPV $210m IRR 397% and payback period a ridiculous 1.5 years. THIS ONLY REPRESENTS 15.5% of KNOWN RESOURCE (before last month upgrade). Show me a better set of numbers!
An updating BFS coming that will extend the mine life, but is still likely to be a small part of known resource.
A deposit that is open at depth and width. The last resource upgrade added $500m of tungsten and it increased the overall grade. This is NOT a low grade deposit. Only 3 sites partly drilled with another 40 sites identified for future drilling. Tony (Chief Geologist) this is a multi-generational deposit.
Existing infrastructure has kept capex at minimal levels. G6M/Tungsten West cost blow outs are the equivalent our total capex, with a major underground saving due to existing tunnel.
Little debt (convertible options)
Significant Federal Govt grants and Qld Govt interest.
Minister for Resources and Northern Aust continuing to talk about critical minerals.
Agreements with UK and German ministers (critical minerals).
Agreement with Masan (biggest non Chinese producer) looking at new projects and opportunities. This isn't something that has happened by accident. Remember Masan has invested $50m in Nyobolt (UK Cambridge Uni spin out with fast charging battery using tungsten).
Winner of Australian Mining (AMEC) - Environmental Award. Will be attractive to Institutional investors with ESG interest, especially now we are over the critical $100m market cap (cut off point for many instos).
De-watering of pit completed.
Mining contractors on site and preparing to mine from June.
New equipment being added.
Ability to increase production capacity.
Other deposits in the region.
Global JV partner in Cronimet
A well trained team and management that has delivered to stated goals.
Other non Chinese deposits struggling to make it.
Local workforce and attractive location. No FIFO.

I'm sure there are other reasons, but that will do!

Patience is a virtue and more to come.

This is only the warm up. The main game is about to start.