Supply is the key issue at the moment on many fronts all over...

Supply is the key issue at the moment on many fronts all over the globe and is driving this inflation.

This will be particularly true of tungsten with consumption expected to be up 10% during current 2022 year (see G6M slide).

So if you consider the potential impact of Nyobolt and their tungsten anodes, the $64 question is "where is all this tungsten going to come from ?"

Outside of China and Russia, the only currently producing mine of significance is Masan's Nui Phao - there is some in Bolivia and Almonty is producing some in Spain but their Sandong mine may not come into production for another 12 months (plus ?), Tungsten West has just announced a restart some time in 2023, G6M's Dolphin is unlikely to startup until later in 2023 (although they forecast Q1) and then of course there is us, currently producing and ramping up.

Supply therefore is definitely going to be a challenge but any immediate shortage is likely to pull the price up - a big factor in this will be the timing of when the demand for tungsten anodes on Lithium batteries kicks in - and when it does, WOW !

If all the abovementioned mines do in fact get up and running in 2023, it will be great for everyone in the tungsten space - but again, I'm glad we are currently producing