Tungsten supply, page-7

Dajohnno you have your maths the wrong way around.

300,000MTU @330US=99,000,000USD (144mil aud)

In the BFS they used an APT payable rate of 70-75%. So adjust down based on that. I am not sure how they get that number. My understanding is APT is 86% tungsten. The BFS stats a 50% concentrate. By my maths 70% of 86% is a 60% concentrate. I have know idea what other adjustments are made for lower grade APT in regard to price. Even if we just run with 60% price per MTU of our concentrate the numbers are still large.(144mil aud*.6=86mil aus)

wwwDOTeqresourcesDOTcomDOTau/site/content/pdf/Investment_Evaluation.pdf section 3.

@Monkey2804 gave this explanation to me a few weeks back.

- say 1000 tons throughput @ 1% WO3 => (theoretical) 10 tons WO3, BUT the plant wouldnt be able to recover all WO3..say 80% (good recovery for minerals processing plants)- so 8 tons WO3 recovered out of 1000 tons input.. the concentrate quality currently is 50% WO3, meaning 16 tons of 50% WO3 produced out of the above- now, EQR is not producing APT (=price index), thats their customers doing it, so there is a discount applied from EQRs customers.. I once referenced 23% discount from one of Almonty's quarterly reports- 1 ton concentrate @ 50% WO3 @ USD350/mtu @ 77% payable => USD35000 * 50% * 77% => USD13475- RESULT: 1000 tons input => 16 tons of 50% WO3 @ USD13475 => USD215600