Financial Officer. We'll run through some key operational and financial updates from both Spain and Australian operations, and we'll touch on some government governance initiatives and provide a quick outlook on the tungsten market. We are going to start with Craig. Welcome, Craig, and let's start with the tungsten market. Prices remain strong, supply remains tight, and we continue to see strategic interest globally. Can you talk us through what you're seeing in the market and how EQR is positioned?
Yeah, thanks, Peter, and thanks for shareholders and interested parties and stakeholders for joining the call. Look, the market remains dynamic. The market is certainly tight. I talk to downstream customers, so I have regular calls with downstream customers to understand what's happening in their space. We're seeing they're seeing consistent demand for their downstream products across tooling, aerospace, defence, the plethora of different industries that tungsten goes into. The core issue remains that there's a structural deficit in the market such that there's insufficient supply to meet global demands in the Americas, Japan, Korea, and the EU. Obviously, that's the fundamental reason that the price has gone from around $330 per MTU back in February 2025 to last Friday, it hit a range of $674 to $705, $710. Interestingly, the China domestic price has oscillated between the $700 and the $790.
That would indicate that there's further room for the price to run. Equally, what we're seeing in the market is significant imports of concentrate into China. They reached record levels in 2024, and as at the end of September 2025, they'd already surpassed the imports of concentrate. That puts further tightness into the market, and there's no significant new production coming online outside of what we're doing ourselves between our assets. Market's good, prices are good, and we expect that to continue.
What about the benefits from being one of the few Western producers with meaningful scale? Craig, that's got to lean to your advantage as well.
Look, absolutely. The customers want supply chain security, right? They don't want to be worried about where the product comes from. They want to make sure that when they need it, it's there so they can make their product and do what they're good at. Fundamentally, that's where we come in. When you look at global tungsten demand, 150,000 tons a year is the global demand. Half of that is consumed in China, half of that is consumed in the rest of the world. The problem on the supply side is 85% of that global tungsten demand is met by Chinese sources. The balance, there's 2% to 3% that comes out of Russia, Myanmar, North Korea. There's about another 1%-1.5% coming out of Kazakhstan at the moment, but that's all going into China because that mine is 100% owned by Chinese interests.
You're looking at roughly 10% to 12% that's available in the rest of the world feeding into that Western demand. Structurally, there's insufficient supply. From an EQ perspective, with our asset here in Queensland, in Australia, and our asset in Salamanca in Spain, if you look at the 2024 numbers, we were the second largest independent global producer outside China. Based on 2025, even though our production is not to our potential at the moment, I think we're going to be the number one producer in 2025. As we move both our operations into what they're capable of producing, then I expect to be the number one producer in 2026.
Craig, having footprints both in the northern hemisphere and the southern hemisphere, that's going to give you benefits for your supply chain to customers as well over other potential competitors?
Yeah, it does. Look, when you look at the two assets, the mine in Australia is a wolframite species, a scheelite. It's very easily recoverable. As a result of that, we achieve 80% recoveries. Wolframite is a much easier mineral to process for the downstream. They get better performance or recovery of the mineral to ammonium paratungstate and downstream chemicals from processing wolframite. Equally, the asset in Spain produces a scheelite concentrate. Scheelite's much harder to recover because it's friable, and so it breaks up a lot as you process it. We're now achieving recoveries in the order of 60% to 65%. With the additional equipment we've installed and the equipment that we are commissioning at the moment, my expectation is that that will continue to increase, and we'll run around 65% to 68%.
When our operators get much better at managing the sequence of the equipment, then we'll get around the 70% to 71% in Spain, which is unique in the scheelite world. Not many people are able to get to those sorts of numbers. Having the asset here in Australia and the asset in Spain gives us a unique opportunity in terms of where our customers are and our ability to feed those customers from both locations.
Just another question on the tungsten markets generally. I think tungsten's the number one critical mineral on the European critical minerals list. It's up there in the U.S. list and Australia as well. It's all very well and good for the governments to name a critical mineral at the top of the list or put it in that list. How long does it take for that to cycle through into the commercial markets and then demand or focus on production and supply for that critical mineral? Are you seeing anything time-wise on that?
Look, it's an interesting question. The structural deficit that we're seeing is something that's been in existence for near on 20 years. It's not a new thing, right? If you like, I think the world was asleep at the wheel in terms of the exposure that was created in their supply chains. From a cost perspective, China was offering material into the market at a low cost. As a result of that, there was no imperative for anyone to do anything to change their supply chain. The reason it's become critical and strategic is not so much from the demand side. Demand runs at around 2.5%-3% a year, has done since forever, right?
The fact that it's critical and strategic is the fact that there's minimal primary supply in the rest of the world because a lot of the mines got shut down through the 1930s, the 1950s, and the 1970s due to predatory pricing by what was coming out of China. China themselves are moving downstream, so they're moving to make products, tools, cutting blades, and that's where they're looking to compete longer term. The quality of the tools and the blades that we see in the rest of the world are still superior in most cases to what we see coming out of China. Therefore, for a lot of downstream industries, they'll still utilise Western as long as it's available. That's the core element as to why it's critical and strategic. It's the availability.
When you look at all the things that it goes into, things like, for example, computer chips, the etching that's done on computer chips is a tungsten hexafluoride, the WF6. The wafers get cut with a tungsten wire. You look at, from an aluminium canning perspective, they're all tungsten carbide punching tools. From a cutting blade perspective, from ground engaging gear, from drills, from a mining, an exploration perspective, all of the tunnels that are getting built around the world in terms of urban development for roads, they all require big boring gear. That boring gear all has tungsten involved in it. When you look at the use, it's used in a lot of different applications.
It's not a big component necessarily of many of them, but it's critical to so many applications. It is why from a U.S. government, an Australian government, European governments, it's been classified as critical and strategic because it's essential for industry, also being essential for defense applications and technology from aerospace to transport and logistics.
You've set the scene for this wonderful and unique metal for which everybody has invested in EQ Resources for. Let's now turn locally where the metal is coming from, and let's look at Queensland where night shift has started, material movement is increasing, and the southern wall pushback continues to be a major focus for the company. How are things sitting today at the Mighty Mt Carbine ?
Yeah, look, if you have a look at where we've been coming from, when Carbine restarted, it was originally restarted as a retreatment plant, retreating low-grade stockpiles and tails. That's when I first got involved with Mt Carbine from a Vietnam perspective. I was responsible for a company in Vietnam that built a refinery, and we purchased a lot of the material that came out of Carbine. From that perspective, my association with the project goes back a long time. Over the last 12 months, we've got ourselves waste bound in terms of accessing high-grade ore. We've got to move a lot of waste to make that happen. We then had some financial challenges as a result of floods last year such that we weren't able to move the waste material we needed to move.
We've been processing low-grade stockpiles in the meantime, but the focus organisationally since September, and certainly since I started in October, has been on getting the equipment operating to move that 1.3 million tons of waste on the southern wall, work our way through the geotechnical fault that existed at the top of that that caused issues in the pit. We are through that geotechnical fault. That has been removed. As a result of that, our mining rates can continue to increase. We moved 200,000 tons in October. We are ramping up in November. We started night shift around the 14th of November. That is probably two weeks later than I would have liked. Had the equipment, but I need to employ the people, put them through the appropriate training to make sure that they can operate safely and effectively.
That'll continue then to gain momentum through November into December, January. My expectation is that we will be through that waste by the end of January and then into what we call the Alliance Main System. We have drilled that. We know what's there. There's 1.6 million tons of 0.26% WO3 material. That's going to process really well. We have processed parcels of that in the past. From that perspective, we expect to continue to get 80% recoveries of that when we get it into the plant. We'll blend in that material with the low-grade stockpile. That'll be the base feed for the processing plant for the next three years. From that point on, I expect this to perform very well from a production perspective and be able to take advantage of the prices and the demand we're seeing for the product.
Just on staffing and operations too, Craig, how are the local operators going? It must be pleasing to have local operators in Pitt and not having to fly people in and out of the operations.
Yeah, look, we took over from an outsourced contractor back at the end of 2024. I think that was the right idea in terms of moving from outside contract to in-house. One of the issues, and certainly in previous operations I've run, I like to own the intelligencia, right? I like to own the mining engineers, the geotechnical engineers, the blast engineers, because having them on staff, working for the company, wearing your jersey, they're focused on delivering outcomes for the company. The execution piece, you can either outsource that or have that internal, depending on what the best available commercial arrangement is at any given point in time. Given the circumstances in Carbine, the best commercial arrangement for us is to bring that in-house.
It does lower our cost, but we've got to get all the operators we need in place to take full advantage of that. The other thing I've done since taking over is I'm changing the structure at Carbine and in the market interview at the moment to put in place a single point of accountability and responsibility for the site. I'll be appointing that person, a General Manager, Mt Carbine Operations. Core to me is get the right structure, get the right people in the right roles doing the right things, and then support them and scaffold them to succeed. That is where we're taking it forward at Carbine.
Fantastic. I think when you've got local full-time workers, you have ownership of that. They have ownership of the operation as well rather than contractors who are probably not as emotionally engaged sometimes. That is great. Great news to come from Mt Carbine. We are just sitting there in your background. Behind Jono is the beautiful picture of the Barruecopardo operation . Spain has delivered a pretty good production result in October, Craig, performing consistently for several months now. What is behind the improvement at Barruecopardo and how do you see that moving into 2026?
Yeah, there's two elements to the success at Barruecopardo. The first element, and the reason EQ Resources acquired, right, was the fact that we've got the expertise in being able to process this type of mineralogy. From that perspective, we took resources out of Carbine, put that together with some contract resources that were then available, that had worked at other scheelite mines in the world and had experience in terms of building new scheelite mines and making them operate effectively. That expertise was parachuted into Saloro at Barruecopardo and worked through systematically in terms of what was wrong with the plant, what needed to change. The challenge with scheelite is that in the coarse fraction, you get a 90% recovery. Where it drops away is in your intermediate, your fine, and your ultra fine.
Your challenge is making sure that you present the right material to the right part of the circuit for that recovery. Beyond that, making sure that each of the pieces of equipment that you're utilizing can target that. That is where, through a combination of installing the sorters, the sorters remove a certain amount of mass from the rest of the plant. You get your tons per hour per square meter, if you like, down. You have more resonance time for the separation to occur in gravity. Making sure that it presents to the right part of the plant and then having everything pumped and piped to do that. Once you've got it onto a spiral or a table, you do not lose it. Equally, we've installed Falcon concentrators, which big shout out to Sepro.
They work really well for ultra fine material. We are targeting material that is sub 55 microns, so 0.055 millimeter. That material can be recovered through high gravity Falcon separators. We are running them at Saloro now. We are seeing good recoveries of material within that. We have still got to get that operating consistently. We have some good days. We have some great days. We also have a few bad days. That is about the operators getting used to operating new equipment and how it works and then getting the sequence of equipment to work in parallel. That is underway. It will continue to evolve. We will have more better days than bad days until we get it consistently operating where it can. That has been good from a process perspective. That is the IP that EQ in particular brings to the table in looking at these assets.
The other was the fact that because we had some financial challenges, we were not able to, or we had to stop mining in the pit, and we were only processing low-grade stockpiles for a number of months throughout 2025. In September, we went back into the pit with the mining contractor, and we have been in the pit mining fresh ore from the pit since the second week of September. As a result of that, we got good quality ore to the plant through October. The other thing that did give us the opportunity to do was to clean up the ROM pad so that we got rid of all the low grade that was on the ROM pad.
We've now got the space on the ROM pad to have different piles of material as they come out of the pit so that we can blend into the plant an ideal mix, which then gives the processing plant the maximum opportunity to recover the mineral we're targeting. As that's working, you're also seeing an ongoing tick up in recovery. Fresh ore from the pit, good grades that we're getting out of the pit, combined with mixing with the low grade, that resulted in record production in October of 12,000 MTUs. My expectation is, given that we're in that space, we will continue at those sorts of levels. Sometimes there's going to be hiccups. It is mining. Things do occur. Ideally, as we move forward, we have plans for that.
We have contingencies, and we're able to implement them because we've already thought about it, and we're very proactive in doing that. As we go forward, that's the style of management and operational capability that we'll be implementing across both operations, and both operations will benefit from that.
That's a great example of subtle changes having a much bigger impact from that small, thoughtful changes in operation. I'm going to move now to the financial aspect, and we'll put the spotlight now on Jono. From a financial and corporate perspective, Jono, EQ has been working to simplify and strengthen the balance sheet. Can you give the audience and shareholders a bit of a high-level perspective of what's been going on?
Thanks very much, Peter. I think the last 12 months, as Craig alluded to, we've been under significant financial stress. I think that's well known, and a number of actions have been seen in the marketplace to get us to where we are today. Since coming on board in June, we've really been focusing around solving working capital requirements and resolving outstanding creditors and making sure that we don't get into the same position as we were previously. In parallel, we're cognizant of our leverage in the business, and we do need to simplify and reduce the debt. A review is underway on capital structures and making sure that we have the right balance between equity and debt that will enable the future of the company. This work is well underway, but it will take a little bit of time to get there.
Part of that is, I guess, given the stress that the business was under, a variety of financial instruments were put in place, and it's just working with those holders and working around the timings of those to get the best outcome for the company. Most of the market will know that we've got the Saloro debt facilities coming due in December and January this year. Those facilities are backed by letters of credit with Oaktree. A significant amount of effort has been put into refinancing those. We're in advanced discussions with a couple of parties, and we're also in advanced discussions with Oaktree to make sure we get an appropriate resolution to those moving forward.
Another item of significant interest from the marketplace is the US Exim Bank letter of interest of $34 million that we received in June, which shows great commitment to the business and probably underlines the importance of us to the supply chains into the U.S. and Europe. What I would say on that is we continue to actively engage with the US Exim Bank and Department of Defense for the grant that's out there to progress the due diligence and to get a competitor as soon as possible. We are at the mercy of their timeframes and their processes. It is very hard to give a definitive timeline or indicative timeline. It will take time, but I think when they are ready to progress, we are ready to move at their pace. As always, as these—you go, Craig.
That probably hasn't been helped, Jono, by the US government shutdown. I think some of the people we were dealing with had out-of-office replies when we were continuing to seek to engage. I think they're all back to the office as of last week and can then continue to engage.
Absolutely. Obviously, the recent shutdown did not help us. I guess I was trying to be more politically correct as I worked my way through this. No, look, that did not help us. There were skeleton crews working, but obviously, the work slows down dramatically during those periods. We are confident that there is support there and that we will get there in the end. It is just a matter of time. As always, with all these actions underway, we will continue to keep the market up to date as we progress and find the solutions to where we want to be as a business from a balance sheet perspective.
Thank you, Jono. Keep up the good work. Craig, beyond the two operating mines, EQ Resources has exploration initiatives underway in North Queensland, which is exciting as well. What's happening across the exploration pipeline?
Yeah, one of the good initiatives that the Queensland government initiated was the commercialization of the abandoned mines in Queensland. I think there's in the order of 130-odd abandoned mines in Queensland. Two of those have been through a process to look to get them re-engaged. EQR was one of the organizations that stuck their hand up to take on the Wolfram Camp EPM. There is an old mine, or there's a lot of old mine workings there where tungsten mineralization was poked out of service, and a lot of the old timers had small pits where they mined that in the early days. There is also a processing plant. It actually ran in operations up to around 2000, 2014. It shut down when the tungsten price was around $165 an MTU. Currently, it's around $670 an MTU.
We're really looking at that opportunity with a view that when you look at the existing pit shells and apply a different pricing structure, different recovery structure, there's opportunity to do satellite developments there whereby you crush, you sort, you possibly jig, and you take then an upgraded material through to the Carbine plant with a hub and spoke style operation. There's also five high targets that we've identified for prospectivity that will do further work ultimately once we have funding available. We needed to get our house in order in terms of the two operations, have both Saloro, Barruecopardo mine in Spain and the Carbine operation cash positive. Once your house is in order, then you can actually start looking at where your future development pipeline is going to come from.
We see Wolfram Camp with five high prospectivity targets aside from the existing pits that are there as part of our future development. We expect to then do that work or more on-the-ground work through 2026. Equally, around the Carbine deposit itself, there is a number of targets that have been identified through soils and some initial exploratory surface drilling that we have undertaken with our blast hole rigs when they are not required for work in the pit. We have got follow-up work to occur there as we have cash to come available from the same perspective. Historically, the best place to find a new deposit is close to an existing one. That is no different to what we have got there at Carbine. We have got a number of targets that are near mine that currently need drilling out. Equally, at Carbine, only 20% of the resource has been converted to reserve.
Aside from doing additional drilling near mine to convert more resource to reserve, there's also opportunity with the underground. There's been a pre-feasibility study done on the underground. It has a lot of potential. At the moment, indicatively, historically, they looked at bringing that in from about 2028-2029. I'm thinking that we'd probably slow that up and only look to bring that in from 2030. 2028-2029 was not big tons from it, but it's got much higher grade than what we see in the open cut. These types of ore bodies, you do see that the vein density as you go deeper, you see more veins, you see larger veins, and as a result of that, it holds more tungsten. The grade per vertical meter goes up.
The ability to bring the underground on in future to add high-grade feed to a combination of feed from Carbine open cut, Wolfram Camp development, and the low-grade stockpile is where I see future. There are other satellite deposits or old mines in the area that we are also interested in that ultimately will develop a strategy. It is very much a hub and spoke strategy that you see operates today in the goldfields with a number of operations successfully. We are not reinventing the wheel there. We have seen what works in other areas. Tungsten is no different from that perspective. You have got a processing plant that is set up that works really well. You bring other feeds in and take advantage of that. We see the same thing in Barruecopardo in Spain. We have got an asset there now that is working really well.
It's in a location that there's a lot of old workings and pits where old timers between the 1900s through to post-Second World War and into the early 1950s were mining from surface. There's a number of those that have been abandoned. We're in the process of picking or having discussions around picking some of those up. There's also mines regionally that others have tried to make work that have failed that obviously we would be interested in with the expertise we've got in-house in terms of being one of the few companies in the world that has the ability to turn around poorly performing mines or develop mines in the tungsten space. There's very few companies that have done it successfully and continue to be in operation. EQ is one of those now with two operating mines.
It's great to hear. Plenty of growth from existing assets and, as you said, only 20% into resource. Lots to come from Carbine as well as Spain. As far as other business development opportunities are concerned, can you give us a brief update on discussions around the ferro-tungsten facility in Vietnam? That's another growth area that the company's been looking at.
Yeah, look, certainly. People may be aware that I spent 14 years in Vietnam prior to joining EQR this year. As a Non-Executive Director from 1st of May and then Managing Director from 1st of October. There is obviously the new EFAO mine in Vietnam. There is the refinery in Vietnam, which purchased 100% of our production at Carbine. There is also the ferro-tungsten smelter in Vietnam. From that perspective, we have had discussions with TMG in terms of that ferro-tungsten facility. The benefit for us with that facility is it increases our addressable market and ultimately the number of customers that we can engage with.
When you're selling concentrate in the world, there's a dozen companies that you're going to sell concentrate to in terms of being able to take that material and process it either into ferro-tungsten or take it via the chemical route and convert that into ammonium paratungstate, a blue tungsten oxide, a yellow tungsten oxide, or a purple through into tungsten metal powder to carbine. That 10 to 12 is outside China. There's obviously a number of other companies in China for selling into China, which we don't. In terms of it, while we're seeing excellent prices in the market today, my expectation is the runway on those prices are at least three years, probably five years in all likelihood. The reason for that is it's not a demand-driven issue that we're seeing in the market. It's a supply-side issue.
From a supply-side issue, to develop a new mine from when you have a discovery today, or even if you're trying to reinvigorate an old mine, it is normally five to seven years on a fast-track basis to get that up and running. The way I look at it is that we've got a window of five to seven on banking on three that at that point, there may well be a tail off in prices. Well ahead of that, we want to be in a position where we have expanded our addressable market, expanded the number of customers we can deal with, and diversified our sales process so that we've got leverage in future negotiations so that we've got more customers. We're not reliant on that 10 to 12 to underpin our business.
Now, ferro-tungsten is interesting in that historically, you could only buy it from three places in the world. You could buy it from Russia, you could buy it from China, or you could buy it from Vietnam. The Vietnam asset's problem has been it hasn't had a consistent feed supply to be able to run continuously to meet the customer demand. Japan's a classic point. They're buying 100% of their ferro-tungsten demands from China today. They don't want to be buying it 100% from China. They want at least 50% diversified away. Ideally, they want significantly more diversified away from a geopolitical risk perspective. That is where we see opportunity.
With the assets that we've got between Carbine in Australia and Barruecopardo in Spain, we'd have the opportunity to feed our material into that facility and take about 20% of our revenue into a different set of customers with a different margin outlook. When you're selling tungsten concentrate, you're going to get paid, depending on the impurities, somewhere between, call it 77% and 82-83%. We have had some recent circumstances where we've been paid 90-91%, but that's because customers got themselves in a significant squeeze, right? Normal market, somewhere between 77% and 83%, call it. When you're selling ferro, you're getting 105-110-120% on a relative basis. There is significant margin improvement by taking part of our production volume down that pathway. It diversifies customer base, improves margins, and gives us more leverage in future negotiations depending on what the price looks like.
Thanks for that 101 on the ferro-tungsten and tungsten markets. Craig, that's great. We'll probably move on now to a question for Jono, working on some government's refresh at the moment. It remains a conversation point for many investors, Jono. Can you provide a short update on the government refresh that's underway at EQ Resources?
Yeah, no problems, Peter. I think the best way to look at it is there's two sort of pieces of work underway. One is the broader governance framework and structures as EQR continues to develop and grow and achieve what it wants to. All our business processes and governance frameworks need to move with that. That governance framework, there will be a review underway over the next coming months in terms of making sure that it's fit for purpose and enables us to achieve where we want to be. The second piece to that is Oliver Kleinhempel became the temporary Executive Chair from 1st of April for a six-month period as announced to the market. That was under some significant circumstances where the CEO at the time needed to step down for personal reasons. Kevin continues to be a part of the business in a technical capacity.
Oliver is an employee of Chronimet, and that's all well known to the market with Chronimet being an off-taker from Carbine. With Craig coming on board as Managing Director one October, Oliver has reverted to the chairman, as per se, a non-executive chairman. The plan is to transition, Oliver's plan is to transition back to a non-executive director role with Chronimet. In the interim, as we progress forward, we've engaged an executive search firm to support us identifying and appointing a new independent chairman that obviously will put their new stamp on the board. I think, as we've mentioned, the last sort of 6, 12 months have been very difficult, and Oliver took the reins as executive chairman in very difficult circumstances. We're incredibly appreciative of his efforts to get us to where we are today. He played a vital role in getting new management in place.
That's greatly appreciated by the company. As the business does grow, we'll be seeking to appoint that independent chairman. The executive search is underway, and we hope to have a solution to that in the next two, three months.
Thank you, Jono. Craig, we've had some great interest in this webinar and lots of questions have been sent through. Just some closing comments from you to the shareholders looking ahead into 2026.
Yeah, look, I think I appreciate the fact that those shareholders who stuck with us for the journey appreciate your patience and your persistence in supporting the organization. I equally, new investors have invested. I appreciate the fact that you've bought into the company and are looking to participate in our journey. I see our role, myself and Jono, as professional management. Our job is to remove the impediments that have existed in the business from it being able to succeed and for it to be able to reach the capabilities of the business. My expectations as we go forward is that both the Carbine assets, we will have fixed the issues that have been holding that back, and we'll get that in early 2026 into delivering on its production potential. Over in Spain, Barruecopardo, it's already delivering on its production potential.
We just need to entrench that to ensure that it's consistent and that becomes the norm in terms of where we operate. We are fully aware that the Spanish debt has been an element that some shareholders have been concerned about. Rightly so, it needs to be dealt with, needs to be pushed out. It's more of a term debt situation than a short term. We are in advanced discussions to solve that and to close that out. That will be done within the timeframes that we need to make that happen. I think organizationally, we're in a good space. We're probably in the best space the company's been in its short history. We're building a solid platform and foundation to then grow the company. The market is great. We could sell everything we produce five or six times over.
The price is the best it's ever been, it looks like it's going to continue to head north. It is the things that are under our control that we need to get good at. That is where myself and Jono, as new executive management, are focused on to ensure that that becomes the norm as an organization. I appreciate your patience with the organization and your persistence, and I look forward to better days ahead for shareholders.
Thank you, Craig. Thank you, Jono. It is clear that EQ Resources is moving forward strongly on multiple fronts, including production in Spain, operations in Queensland, and real progress on governance and financial structure as well. Thank you for addressing the shareholders and investors today. To our audience, the recording of today's webinar will become available shortly. We encourage you to sign up on the EQ Resources website and LinkedIn for communication updates. The company likes to keep everybody well informed. An investor presentation is available online. We have had lots of great questions come through. If there are any that were not covered in our Q and A session today, please send them through to peter@nwrcommunications.com.au. I will ensure that Craig and Jono get those as well. Once again, thank you for joining us, and we look forward to hearing from EQ Resources in the near future. Thank you.
Thank you all. Stay safe.
Thanks, everyone.