We could be right place right time., page-16

I am very bullish on the future of Tungsten, which is one of the main reasons I try and keep up with G6M even though I am not invested. Nyobolt and there fast charging batteries are a huge potential area of growth for the tungsten market. EV manufacturers have been trying to solve the "cobalt" problem for a while and I would have a guess are putting more resources into solving the issue today than ever before. Tungsten batteries are the only solution I know of that has benefits, not negatives that are a trade off. Having said that my knowledge on batteries is very basic and I am sure there is a huge amount of info out there I am unaware of or wouldn't understand. But having a battery where Cobalt is replaced with Tungsten results in faster charge times, more charge cycles, increased energy density and increased safety. Currently Tungsten is cheaper than Cobalt and I think Cobalt has about twice the global production as Tungsten does. The cost of cobalt is a big driver for removing it in batteries. If Tungsten can replace Cobalt and provide positives the cost benefit is going to be very short lived, IE the tungsten price will increase. Cobalt has massive ESG issues too, I am sure both G6M and EQR will compare very positively on an ESG basis. Nyobolt plans to have its Tungsten lithium battery in production by 2026.

Tungsten is used pretty much in all manufacturing across the board which is where its steady demand comes from. The new demands such as EV batteries could really shake up the price dynamics. I read an article a while back where silicon board providers transitioned to tungsten wire when silicon prices were high. Due to its toughness a tungsten wire could be that much thinner which meant due to the price of wafers it was more economic to pay for tungsten wire to cut the wafers vs cheaper wires because of the waste difference created by the different wire thicknesses.

Tungsten's use in the military will also push demand in the future I expect and who knows what the US's plan of no Chinese tungsten post 2026 will do for western suppliers. I think you would struggle to find one use of tungsten where its likely to be replaced unless cost becomes prohibitive. I have no knowledge on tungsten hexafluoride gas infused super conductors but I assume its not a huge user of Tungsten in regard to demand size. I would also take a guess that the tungsten component cost of the end products are quite small when compared to things like ammunitions/armour or batteries.

The Holy Grail of Tungsten value in my mind is the use of it in Nuclear fusion. IF nuclear fusion becomes a thing in the next 50-100 years and energy can be created clean and easily from it then I believe Tungsten will become one of the most valuable metals in the world as its properties make it essential. Tungsten=Energy.