Pre feasibility tungsten comparisons, page-8

Looks like the tungsten spotlight has dimmed over the week with volumes down apart from KIS who saw nearly $2m of turnover on Friday. So state of play is market caps TGN $165m KIS $81.7m EQR $43.3m & RFR $11.5m. So all dropped apart from KIS. EQR is likely to have a higher NPV than KIS but is nearly have the price at the moment, even though we have started producing and exporting tungsten to the US (which was the excitement behind KIS).

One major advantage EQR has is access to Northern Australian Infrastructure Facility (NAIF).

NAIF can provide up to 100% debt finance for a project, subject to satisfying the five mandatory criteria in the Investment Mandate which require that the project must:
1. Involve the construction or enhancement of infrastructure;
2. Be of public benefit;
3. Be located in, or have significant benefit for northern Australia;
4. Be able to repay or refinance NAIF’s debt; and
5. Have an Indigenous engagement strategy.

I think we can tick all this boxes and the appointment of Rock should help secure the funds needed.