everyone and uh apologies um we had some technical difficulties on the original web um webinar earlier today so we're just going to re-record the uh the slides again so uh we had a practice run apparently yeah so just a little bit of a corporate update and then Tony's going to give us a little bit of the uh update on the drilling and the underground development and Oliver is here with us today to talk a little bit about the tungsten Market as well um I guess a lot of you guys are probably shareholders or follow the company in some way shape or form but uh again uh We've um uh traveling around 5 cents a share um top 20 shareholders are still holding uh over 60% of the uh of the shares in the uh in the company and 9% by board management just a couple of developments on the company I guess we announced it earlier on but uh certainly Steve Weir has been uh a great value ad on to the uh company Steve's a mining engineer with u uh big Finance background and also uh Ian Kirkham has come on as acting CFO and Senior financial advisor for us uh during a lot of this work that we've been doing on the transactions so very happy to have that support I guess um what we really want to talk about today was this um this loan from the Queensland government qic providing Under The Battery Technology critical metals and Battery Technology fund um we had a uh a $20 million loan uh comes in two tranches 12 million at the beginning uh as the first trunch which is made up for doubling the plant capacity and 2 million for drilling and then Tron B is for further Drilling and underground exploration decline opening up the decline doing some trial Mining and then bankable feasibility studies so we had some great support from the deputy uh Premier Treasurer Cameron dick and um and certainly Allison uh has Allison Hill is also been a big supporter of the company um over the last 12 months uh with the opening of the open pit at carbine and then the acquisition of solero we've increased our tungsten tungsten production six and a half times uh over the last year and you can see on the right hand side a lot of the new gear that's arrived on site along with all the steel Works has uh coming and this this this funding is for helping us uh set this equipment up and and again doubling the uh doubling the production um the vertical integration is something that's sort of near and dear to our hearts there there's a couple of aspects to it we want to get to a Tungsten profile that we can uh support uh a significant amount of tungsten and and part of that strategy is looking at Wolf from Camp bringing that over the next three years bringing that online whether that's banford Hill or wolf from Camp itself there'll be some exploration going on some of the waste dumps there will be sorting and U also the tungsten in Spain uh we see several opportunities around that operation to uh uh to help expand and again I like this Hub and spoke uh opportunity it saves a lot of money on production so what I'm going to do is I'm going to turn it over to Tony Bainbridge now just to talk a little bit about the last news release that we put out and uh and a bit of the geology and the underground workings at carbine so uh yeah Tony please go ahead yeah thanks Kevin I'm pleased to talk again about some of the gy at Mount carbine I think everybody's heard us talk about sheeted veins and and level controls to our system and I guess these two photos represent that and show that well on the left side both of these photos are the what we call the Johnson vein package uh it's about 30 m wide but it's got a a core of 11 MERS in the center of it um we we on the left photo you'll see there if you look closely you'll even see the veins starting to thicken out and those with very sharp eyes will actually see the black minerals in the white veins and they're all large wool from crystals so we're just getting down that was the first face and level we blasted 20 M face there and we're getting down to the level where the high grade starting to kick in you look at the photo on the right which is the Western end of the Johnson we see the same thing and as we're going deeper the veins are getting more robust and stronger and and we we're coming into the main vein system we predicted thanks Kev this photo I guess is it's some images to give you an a handle on the uh status of the project um we started we we're 10 months into mining at the moment um of nine years of surface mining um the first 10 months have been in the orange area there which is what we locally call Pit one um it was a small grab and dig of what was left in the bottom of the pit for previous explorers in the old pit um we didn't have much Drilling in that in fact you can see the drillings are shown here the three red holes were old holes that that's all we had in that that that first area the blue lines there represent our drilling the E eqr drilling that we did and you see none of them managed to get into that area due to the water and the the angle of where we were drilling so we didn't have a lot of knowledge in stage one pit it only represents 11% of the of the oil for this open cut mining so it's a small thing and we were were're learning on it and and um what we didn't know was exactly where the level of the high grade would kick in and we found that during this process so it's been a very good educational uh operation we will do about 2,000 ton of tungsten out of that stage one pit if you look at the right hand side you'll see the these are results and we had a bit of issue with one of the old holes cb001 which was the first hole ever drilled on the project we found that the whole survey was incorrect late in the piece so we had to delete that hole and of course that was the one that had the grade in stage one pit um otherwise the stage one pit was represented quite well you'll see the yellow areas this is where the glory and the and this level control is kicking in and that'll be in the stage two pitch which is the gray pit on the left I think the large blobs there represented the grade and size these recent photos also and I like the I like the photos because they they're the real thing and you'll see that the left-and photo was taken after a week of heavy rain so there's bit of water in the pit but when it's wet like that you can see the veins and I think if you zoom in and have a close look at that you'll see the quantity of veins that are starting to come into the system so we're starting to get into the good level unfortunately it's sort of close to the bottom of stage one pit and we need to get back onto stripping and getting a much bigger pit going so we did some Drilling in April and we announced on the 30th of April those results there were two areas and two objectives nine holes to do some testing in between some high-grade uh sections we had at the atan and then we did four holes to again check this level control to the system the four holes in Johnson there which is shown in a long in a photo vertical photo on the right and we did on the four holes were on the top level there at 345 M and we wanted to compare that with the previous drilling we've done at 325 and you can see the results there again as the veins thin and they they become less mineralized as you go up from 345 we got 11 M of. 21 and we got three times that grade 20 M down so we we're starting to come into it most of our pit two is designed to start from 325 and go down to 225 100 M below that thank you uh this is the the detail of of where we drilled on the atance there we drilled in between two highr sections which are shown on the plan at the right there they're 50 m apart and the 10 holes that we drilled sorry nine holes we drilled there are the X's so we wanted to check on 10 met spacing is what that highr looked like if you look at the two sections either end on the left you'll see those highr things that form part of our resource block model uh they're shown in red and you can you can use the letters to indicate the the intervals and their grade so you know one of the zones we wanted to check was a there it was a 8 m Zone at um 66% shown in in our first EQ hole and when we drilled 40 m of above it we got the 8 m of 86 a little better so that was a good check of that particular vein and G is a is which is halfway between those two zones was a a check of these three veins that make up the Elan Zone and um if you look at B there b was 24 M of. 28 um Down Deeper sorry it's on the other section there kep b c and e are what we were trying to replicate in half halfway between and so B was 24 m28 C was quite a good result further east it's 37 M of 1% tungsten and uh e 38 M of 48 going the other way so we were in that sort of high grade area and we wanted to check it allbe it that we were 40 m higher so our yellow result was very similar we got 32 M of 041 so it gave us the comfort that the grade between these 50 m sections was continuing and and um I will make the comment that all the grade sits within those gray lines on the plan there which represent the veins um those veins run you know generally 2 to 3 MERS and they running 2 to 3% and we then dilute them across that zone with the white internal waste so you know these veins are particularly high grade and and they're excellent for looking at doing some underground so we we always had that in mind that these veins May lend themselves better to underground but while we're still close to the surface we're going to mine them from open cut um if we look at the where qic is going to help us out we've got this uh isometric picture here the red there is the indicated resources we've drilled out there that's about 6 million ton in red there and that's what we get out of the open cuts um but that's represents only 177% of the Total Resource the green it it doesn't look as much here but the green currently is 22 million tons of. 3% that that's sitting in in fur you can see a lot of it sits to that North to the left of the screen which is north grid north of the pit our objective is out of that 22 million tons of3 is to look at at what we could get from Underground we think that we can do that in parallel to the open cut Mining and to give you some examples um we we're planning with the qoc money to um extend on the existing tunnel which is shown in green there Kev will probably point that out but the green tunnel there 430 m is already uh built for us gets us down to the to the level where the where the tungsten's coming in and we intend to add 700 meters of new tunnel doing some trial mining but that is all after we do a major campaign of drilling as Kevin said so we we've currently got about 20,000 M of drilling at Diamond drilling at at Mount carbine we're intending to double that so we got another 20,000 M to drill all that green area out to uh indicated once we do that we can then do proper studies on it feasibilities and so forth and then bring the value of that 80% of the resource back into onto our books so you know the the company currently is rated basically Al on 20% of the resource out there in the public Arena Our intention is to bring a lot more of that forward and and also extend the mine life um out of the you know we already know that there's approximately 4 million ton of 0.52% in that underground area we we're using a high cut there and that would give us that if if that's proves up into indicated would give us another 10 years of mine life roughly at at a production level of 3 ,000 ton of concentrate a year which is about the same as the open cut now to do that we would need to mine a th000 ton of underground ore a day which is quite a small underground operation so you know we this way we've got a good Kevin's doubling his plant size we're doubling our access to the resources the the the tons of concentrate we're going to get out so we're on a fast track um to doing underground in the green area there certainly helps with existing existing declines I think we got a picture of that as well haven't we on the next slide yeah so that's the addit that's that exists it it's currently covered and we'll be opening that up in the next uh short period and on the left there just sort of shows how we will mine these veins it's it's a mining method called aoka and we use a slight variation on aoka called modified aoka and that's where we drop a whole panel of 30 by 20 me in one blast and and then Mark that out to get our thousand ton a day from underground so we're excited I think you know the underground's got the tons we sort of know they're there from the inferred resource category but we want to add that value into the company by getting it to indicated and a proper uh feasibility done on on that development and that's what Q's has decided to help us on so we're we're excited about that thanks k yeah thanks Kevin and and Tony very very encouraging obviously for everybody who's listening in there on on on the on the plant expansion then uh also that we have ability to obviously um move move resources into reserves so um given that there was a bit of a a dynamic in in the market um which translated into into um yeah significantly higher prices now on a week we comparison we thought that um will will give you a b of more insights where where we see this is coming from and potentially where it's heading but this slide here I guess you you're all well aware of um the significance um of of tungsten the bottom left showing the the rating of the European commission uh was just in Brussels two weeks ago and um met met with a committee there um and they have effectively launched the critical raw materials act and and the related programs um which allows companies and that would very well qualify for obviously our soloro um operations and and the the envisaged expansion program that we um starting from the end of this month until August there call for proposals and uh yeah I I believe I'm confident that we can likewise put some very uh solid propositions together as much as we have received now with this latest Queensland funding and throughout the last years um we have been grateful that that the Australian government had been so supportive and we see similar Dynamics now now in Europe so um and that is um primarily due to the fact that you see in the bottom right pie charts the fact that that China sits on quite a lot of um um Supply output into the into the markets and you do recall call earlier presentations where we highlight that the the end use consumption the the the end demand effectively driven from various sectors that I indicate next slide but that's mainly a third within China another third North America Japan Korea and a third within within Europe so um there's there's obviously that misbalance and that's uh definitely a reason why Fen is is classified uh as a as a critical mineral um across the board so maybe jumping on um that's also not new um we've we've always outlined the key sectors where where tungsten is is used um you see that in the in the in the left Supply demand overview Automotive um I would say that despite the a great push towards Electric Mobility um we do see uh um extension of production programs um towards Hybrid models um so that will definitely give the the in the combustion engine a bit of a longevity compared to what maybe initi announcements were again a lot of tungsten um tools are being used across the automotive manufacturing chain so um probably we see still pretty strong demand from the automotive sector uh mining probably going through Revival seeing where where prices are heading at the moment um and then oil and gas one of the indicators that we are tracking is is the the number of oil rigs you know in operation North America we're now sitting at uh slightly uh above 800 rigs um so these are some of the parameters or indicators that that everybody all of you can track um because this is the driving force in in for example oil and gas production exploration it's numbers of Ricks we um see in Aerospace record orders for boing an Airbus um Auto modify indicated so these are the more traditional uh uh sectors where where tungsten is used and then we have the military I don't think I know need to go into DET there uh fortunately the the the manufacturing of um military equipment and and ammunition specifically where tungston is used as penetrators uh is is is rising double digit at the moment um and then the green energy space and um and the semiconductor Industries and this is uh what we would call the new the new Industries um and we see double digit growth coming coming from there so that's uh probably given a good indication who are the what are the end sectors the end use sectors that are up and rising and and it all results uh in a great consensus across we have shown here just three pricing agencies or even the the tungsten Association itself put out for casts um so it's not our own it's a consensus number um and that leads towards um more than 10,000 deficit and average by the end of the decade and with a recent price Dynamic you would you would think think that um we already in a in a deficit the next slide is giving you a bit of a drill down perspective um the the prices that are published on on the left there as you might follow that um some of it we will will publish on our LinkedIn page um but very strong developments over the last four weeks specifically we have reached prices which are uh above um uh a level that that we've seen last uh one year ago and and you see typically it moves with a relatively mild Dynamic but you see that the curves are shooting up like hockey sticks um difficult to say where this is ending a matter of the fact is that um it's very difficult to book uh material at the moment um we have a good over oversight on on uh what is traded from from China into Europe at what prices so we are tracking customer information and then I would say that's definitely not the end of the game for this year so there's quite some pressure um where does that pressure come from um the Top Line there the four boxes explains the narrative it's all about China from a uh I think a global driving engine for uh for the world economy but but also the supply side right and the constraints and uh how does that um translate into trade balances now the great narrative that everybody's using for policym across the board is National Security um and everything has to align to that mandate and and the question is you know with the onshoring and the decoupling of Supply chains globally um are there sufficient projects on the landscape um within China but also in in the Western World in order to feed uh the requirements of these markets the three bullet points I've just picked the three highlights for me personally in the last uh couple months number one is in end of November the ministry of National Security of China defined series of critical materials tungsten one of them and subsequently beginning of 24 um the government had reduced the production quarter for the tungsten sector and that is haven't been seen in decades right so um it was always a little bit on an uptick to promote domestic mining of critical minerals but the government clearly shuts down um on that idea and is reducing the quar for 2024 and is expected as well in in in 2025 so they're certainly trying to manage the outflow of of of tungsten uh second one is the fact that there was a new round of environmental inspections just announced a couple of days ago within China that typically leads to a seasonal stoppage of some mining uh activities in some areas especially especially small scale operations are shut for a couple of weeks let the inspections pass by and and you might see them coming back um and the third one uh looking over the ocean towards the US uh quite significant the fact that the defense logistic agency which is in charge of stockpiling strategic uh materials uh for for the US economy um has announced in May 2023 that they're not going to further publish um specifically on tungster not further publish the stockpile informations and and uh what what industry participants are actually extracting from the stock pile and what the balance is um so that clearly indicates that stocks are extremely low um and leads to speculations where the d d themselves not really an end consumer but just as a stocking agent will come back into the market this year uh and that means additional um uh demand and additional pressure on prices not many people maybe look at trade statistics uh for China again um the largest play in the market so we we are tring those informations and as you're all aware of more and more stringent um uh transparency laws um specifically in Europe and and us uh I think uh the private sector starts to realize that um some of the um Imports into Europe and us and you see them on the on the right the the export from China means import into the Western World 10,000 tons quite significant Europe Japan South Korea us with more than 90% um that those importers are obviously trying to understand other Chinese Industries you know converting on what basis of raw materials and if you simply look at the import balance on the left 5,800 tons of tungsten equivalent in concentrate uh the country that you read in the bottom representing 78% of the Imports are not necessarily countries that that um will will take a pass on the transparency requirements uh that uh that the laws provide again to private sector in the US and and Europe so that's something that drives diversification push and EQ resources at the largest non-chinese producer is certainly on Top Rank and me to the final question on where does the new Supply come from um so we concluded um that there's um there's a a squeeze coming if if not already in place looking purely at the the last week's uh price um Dynamic and um a matter of the fact when you look at our own bankal feasibility study had a market report backed up by a thirdparty agent a pricing agency market agency which have indicated a number of projects um outside of Asia um that would come online in the time period 21 to 24 and we've just listed down the top five projects in terms of output uh as as you're all aware there's another company in in Tasmania uh good friends of us um in a ramp up we wish we wish them luck um but it's slightly behind behind schedule um a large project in Canada it's in the market since long um was supposed to be going in production 2023 they're they're just in a funding round to to keep going on their Stu um so it's near no no nowhere near um delivering TKS units uh South Korea a project well known to the market um should have been in operation 21 uh they're still under development I would call it um might come might come a bit later than than people anticipate at the moment um another one in Spain which was canceled completely significant tonage 1,00,000 tons annual output was scheduled for 2024 it's off the table completely the license had been revoked and um yeah you wouldn't you wouldn't definitely see that moving forward and in the UK also project that is well known in the market three and a half thousand tons was supposed to be commissioned in 2020 started up but they changed ownership couple of times and it's on a complete reset so what does that tell us about um the forward looking again we not here be able to project prices but we are going into a squeeze and we will um we are not any project in a state where where we could argue that it will bring additional units into the market in the next 12 months um so I hope that gave everybody a bit an overview and um yeah please reach out if if if any question in this regard Kevin I hand back to you yeah thanks thanks Ali that's um that's great so I guess uh why own the EQ shares or why purchase EQ shares um you know I think there's we got some significant program underway currently at carbine one being the scalping at the lowgrade stockpile that'll bring in another 800 tons a month uh doubling the plant capacity at at carbine the gravity plants already doubled we're just looking at the crushing plant with the qic funding in place now significant drilling we're going to be drilling some very high-grade underground intercepts uh I think that's going to be very good news for the market uh BFS on the mining uh reopening the underground Decline and then Wolfram camp and Bamford Hill uh we're quite excited to get stuck in and do some exploration over there we think there's some really easy winds on that Bamford Hill in particular it's well defined and uh nobody's had a crack at it in a long time um at solero uh we haven't talked a lot about solero on the webinar we are going to uh give you guys a good update we're in the middle of a um an upgrade of the plant in particular uh increasing the size to the sords at to 40 mil from 20 um a new uh screen to help at the table section uh some Cyclones up front to help reduce the U uh reduce the the the mass that goes to tailings and Define the course from the fines a bit more clearly so I think those are all good A bit more drilling along strike there this year um and some exploration and a new Reserve announcement uh coming so these are all good announcements that should be coming out in the in the near term and just again I think um as most of you are probably eqr shareholders we continue to support the community we have excellent Communications and support within the community uh our environmental standards are world class you know we're operating in in in both Spain and at at carbine um we carry really good ESG credentials and again our Corey using beneficial reuse out of the sords is is a key aspect to the to the company so I guess I'd just like to thank everybody for attending today sorry for the technical glitch that we had to redo the uh webinar but um hopefully we had a good uh a good chance to uh to make it and again you can read these at your leisure I think we've covered most of them uh most of them off through this through the the webinar thank you very much