One interesting update on the $EQR.AX quarterly was 8000m drilling at Wolfram Camp ($0 acquisition cost), for the projects "feasibility study" - once only intended to be reprocessing ore stockpiles.
Here's my theory as to why...
Jobson Growthe retweeted
Sub US$2B for 44% of this, a couple of long lived mines feeding it and a few other subscale assets.
At the lows of the Nickel cycle.
You can just build things. $NIC.AX
$eqr.ax FY27 guide
260k mtu
US$1970/mtu realised price at current spot
AUD:USD $0.7
A$564m margin, $450m cash?
Is $1.35B EV the right price? Who is game enough to guess the tungsten price 5 years from now? Is it $300 or $2000?
Now a $65m mkt cap with $43m cash (+>$20m in the quarter) in bank and the largest shareholder now owns the Nickel concentrator.
Will burn some cash drilling this quarter before LH2 starts.
#LM8 Lunnon Metals trades at 1.5x free cash from Lady Herial gold mine 2026-2027.
A restart of Nickel West unlocks a permitted and ready to start 3% Ni Sulphide mine and one ready for permitting (Foster + Baker). Over $2B Ni in the ground.
$90m mkt cap
Jobson Growthe retweeted
Europe and East Asia are set to be hit by cold snaps next week, in an early test of gas markets rattled by high prices 🥶 ⚠️
While the overlapping cold is set to be brief, theyll provide a stress test before deeper winter cold
Europe gas prices are currently at a 4-year high
$NIC.AX IMIP RKEF lines operating at ~44% nameplate (down 65% from 120%), yet media thinks IMIP NPI output is only down 20%?
30kt per MONTH contained Nickel supply cut (assuming NIC RKEF line reduction is reflected across the park?) in a market in just 19kt oversupply in 2027?
Jobson Growthe retweeted
China consumed more coal in the last four years (2022–2025) than the entire world consumed throughout the 19th century.
China APT up 6%.
*If* that was the bottom(?) - is it somewhat notable that despite export restrictions, panic selling and reportedly (?) close to no restocking domestically the lowest price was still >$800/mtu?
Jobson Growthe retweeted
South Korea plans to depend more on coal this winter to conserve LNG supplies amid the ongoing Hormuz disruption 🇰🇷🪨
💰 Winter gas consumption has “a considerable impact on electricity prices,” said Energy Minister Kim. LNG prices are near a 4-year high
bloomberg.com/news/articles/…
30+ year assets, at the bottom quartile of the cost curve, trading at < 3x fwd EV/EBITDA, mgmt guiding buybacks/divs, when the underlying commodity is below the cost of global production 🤔
Chinese capital cycle in Indo nickel refining has ended… $NIC.AX
In September 2027 $NIC.AX becomes the largest global pure play Nickel producer.
HPAL volume 8.5kt to 59-79kt
HPAL EBITDA from US$68m to >$500m
Group EBITDA ~US$1B
Bottom quartile costs trading at 3x 2027 EV/EBITDA near bottom of the Ni cycle.
Dividends and buybacks guided.
Jobson Growthe retweeted
Trump: "I take an aspirin a day. I don't know if it works but psychologically I need it. It thins the hell out of your blood I guess. I don't know if it works or not but I've been doing it for a long time. And here I am making speeches. I like Bayer aspirin. And I take the big one. They want me to go down to the 80. I take the 386. I don't know what the hell it is. It's a monster. They said, 'Sir, you don't need that!' I said, do me a favor, I've been doing okay for 35 years. Leave me alone."