EUCALYPTUS TREE, Jan 3, 2022 (Newswire) 7:00 AM: The koala is an unrestricted free agent There is no pre-contract or handshake on a max deal to be signed on a certain date What will come in '22, let's see, but until then no compliance regime Let the mayhem begin...

You know what, the Koala is feeling a little bored these days and needs some excitement in the eucalyptus tree Let's follow along with a friend on a rates trade just to feel something Long $RKT Even if the USG actually does lose control of the back end, they'll surely try some serious YCC first before it's truly lost

Taken a small punt on Lux Metals $LXM.V in the eucalyptus tree Trans-Taiga Corridor has been good to the Koala in the past and the geology looks fascinating Curious to see how the drilling looks this season TBD if it works but sometimes you have to just do things for the plot

Not going mega size here 9 months ago when the CEO and Chair roadshowed through New York was one of the koala’s biggest mistakes of the past year And seeing Mt Todd go today, Glenburgh is going to have suitors Will majors be willing to pay the number required or be brave enough to go ahead of an actual JORC resource estimate is the question

“So after over 10+ years living in redacted you moved to a state with no income taxes?” Well guess we will find out next 12-24 months if that CEO is delusional or knows how to close a deal

Well looks like we have our answer on Artemis $ARTG.V now

Looks like the Koala may be spending a few more days at Beaver Creek than originally planned, give the eucalyptus tree a ping if good idea to catch up in person

🔔 NEWS ALERT: TNR Gold Would Rather Cancel Meeting Than Face Shareholders - $TNR.V ceo.ca/@newswire/tnr-gold-wo…

Hot take but an F1 Sprint in Monaco may be super entertaining because any driver crazy enough to try to pass probably would be able to just because no one defending (especially in a top car) would want to risk crashing their car <4 hours before qualifying

We’ve had a new wardrobe option proposed for Tuesday in the eucalyptus tree And it’s transformed the whole navy suit/business formal versus preppy chic discussion

Eucalyptus Resources Reminds TNR Gold Shareholders of Voting Deadline; Warns of TNR's Playbook to Disenfranchise Over 45% of Shares Supporting Change $TNR.V tinyurl.com/238r8u2t

Someone asked the Koala this morning why it was so excited by the Blue Moon $BMM $MOON.V deal with EQ Resources $EQR.AX and Elmet $ELMT given the "implied valuation" And now the Koala realizes some investors may not understand it's JUST on the APT plant That's basically "the smelter" that takes the concentrate from the Springer mill and turns it into the tungsten form we think about when we talk about "what is the tungsten price" But what's also exciting here is the potential offtake terms for the concentrate Springer will sell concentrate to the APT plant "the same pricing terms that EQ receives for its offtake into the APT Plant pursuant to the EQ Offtake Agreement" Anyone whose been on the EQ Resources journey early this year knows a big question was what are those payablities, you can back out from their results last couple quarters they are getting a mid-70s payability on current contracts So the APT plant at Springer will probably be buying for 75-80% payability and selling APT at...the tungsten APT price Within that 20-25% of "free metal" the APT plant will have processing/refining costs...this is not a high margin portion of the value add chain but it is strategic This deal is just around "the smelter" and doesn't include the mill at Springer or the tungsten resource itself but we know now where the concentrate will be refined into APT and Blue Moon doesn't have to put up that capital Bear in mind, after Year 5, Springer/Blue Moon has most favored nation status for 90% of the APT plant capacity, that's 3,600 t or 360k MTU You can do your own maths on what that makes Springer mine and mill worth at different tungsten prices if that's the potential annual production from the mill

Wow that's truly a once in a Blue Moon $BMM $MOON.V transaction to rebuild the upstream western tungsten supply chain EQ Resources $EQR.AX knows tungsten so must have been super impressed with the APT plant at Springer It's like the Koala said after visiting Springer in May, anyone trying to solve the dependence on China for tungsten who steps into that plant will go "yes" Setting aside the geopolitical and strategic nature of this deal, a few incremental thoughts: Equity coming into Blue Moon at C$10 with a 3 year warrant at C$10.85 (but to fair, TEG is given BM some warrants too so the warrants sort of a wash)...that's a strong endorsement of the company versus Friday share price of C$7.60 Nussir looks really sexy at these copper prices but looking at this deal and what it suggests Springer TUNGSTEN is worth does it even matter at below C$10/share? Don't think there is any value for Nussir in the share price below C$10/share For Christian, I hope the market now sees what I've seen the past 2 years in how much he has grown from the early Adventus days when he was first an executive. Serious people take him seriously and want to do serious deals with him, this is Exhibit A You start to wonder how in the world the combined enterprise values of EQ Resources (~A$2Bn market cap, de minimis net debt) and Blue Moon (~C$1Bn market cap at C$10/share, de minimis net debt) doesn't exceed Almonty (US$4+ billion market cap) Springer...$20 million in late 2025 to get a mill to run DSO from Blue Moon in Mariposa through once that underground decline was finished... Less than 12 months later its a high nine figures, maybe even a 10 figures ($1 billion) value assets, maybe THE deal of this critical minerals supercycle so far

Looks like some people walked through the Springer Mill and APT plant this summer $BMM $MOON.V