Stenukäsi

A 5-year backlog on grid transformers just killed half of America's 2026 AI data centers. Sightline Climate tracked 12 GW of 2026 US data center capacity announced across 140 projects. Only 5 GW is actually under construction. 11 GW sits in the "announced" stage with no physical progress despite typical build times of 12-18 months. 25% of those projects haven't disclosed a power strategy at all. That last number is the tell. A quarter of "planned 2026 AI capacity" has no sourced answer to where the electrons come from. Call those projects what they are: vapor capex with a press release attached. Nvidia is shipping. The gating constraint is high-voltage transformers, switchgear, and grid-tie batteries. Pre-2020 lead time on a high-power transformer was 24-30 months. Today it stretches to 5 years. Electrical equipment is under 10% of total data center cost and 100% of the bottleneck. This breaks the standard analyst model. When a hyperscaler announces $50B of capex, the Street treats it as compute coming online in 18 months. If the transformer order wasn't placed in 2022, that money sits as commitment without capacity. You cannot pay for a transformer that doesn't exist yet. The winners under this regime are whoever locked in power purchase agreements and electrical equipment orders 3-4 years ago, before anyone was modeling hundreds of megawatts of inference load. Everyone else is waiting in line behind them. Second order is uglier. Hyperscalers buying $50B of GPUs that sit unpowered depreciate against Nvidia's annual cadence while paying carrying costs on empty data center shells. Every quarter dark is a quarter of compounding waste. The "we're 6 months from running out of compute" panic just became "we're 5 years from running out of transformers." Capital fixes one. Capital cannot manufacture a transformer.

Jaaha, onkohan EQ Resourcesin kaivoksilla pidetty taas vierailukäynti suuremmille sijoittajille? Päässyt isokenkäiset katsomaan tulvien vaikutuksia ja nyt on taas lappuja myyty laitaan? Mielestäni tuollaiset vierailutkin voitaisiin lopettaa kun kaivokset on ongelmissa. $EQR.AX

Quartr sovelluksen tiivistelmä tulospuhelun transkriptistä: EQ Resources — Q3 FY2026 webinar key takeaways Tungsten market •APT low-price reached $2,800/MTU at end of March 2026, up ~240% quarter-on-quarter and ~700% year-on-year from US$350/MTU in March 2025. •The average low price for the quarter was US$1,874/MTU. •Chinese export controls continue; top 5 Chinese state-owned producers reportedly made record profits in 2025 with no incentive to change behaviour. •Management estimates a customer order backlog that will take 8–9 months to work through. Barruecopardo (Spain) — operations •Q1 2026 was almost certainly the wettest first quarter since 1979 in Salamanca province, with 110% above-normal precipitation in January–February. •Production was negatively impacted by ~50% compared to the December quarter. •~1.9 metres of water accumulated at the pit base (highest-grade zone: 1 million tonnes at 0.2% WO3 or better), reduced to ~1.5 metres by report date. •16,000 cubic metres of water sitting in the pit; Spanish government approval sought for a discharge of up to 12,000 m³. RO plants being procured for treatment and discharge. •Spanish regulators approved installation of an additional outsourced crushing unit to increase volume to TOMRA ore sorters. •Spanish debt reduced by €1.5 million to €15 million and refinanced over a 3-year period at 1-month Euribor + 5.5% (7.4% at 31 March 2026). •Phase 1 drilling program of 37 holes / ~12,200 metres planned at Barruecopardo (ore body open to north, south, east and depth); drilling expected to commence in ~2 months. Phase 2 and 3 follow-on possible. •Only 45% of the Barruecopardo resource has been converted to reserve. Mount Carbine (Australia) — operations •Record material movement of 821,678 tonnes for the quarter despite wet-season impacts. •Access to the high-grade Iolanthe vein system commenced in the last week of March 2026, about 6 weeks behind plan. •April 2026 production at Carbine expected to exceed the entire March quarter output in a single month. •Target ramp-up to 10,000–12,000 MTU/month, with an aspiration to reach 1,750 tonnes/year (WO3) in calendar 2026, then 2,500 tonnes with full access to the large vein system. •Crushing circuit expansion targeting completion by February 2027: doubling capacity from ~87,000 t/month to ~170,000–180,000 t/month; expected to lower operating costs by ~30% per tonne processed. •Expansion also incorporates significantly more automation, reducing the number of times each tonne of rock is handled from 13 times to 3–5 times. •Currently only one ore face operating; plan to open multiple faces (target 3–4) to de-risk against weather and technical stoppages. •New Queensland mines inspectorate lightning regulation increased the exclusion zone from 17 km to 30 km, causing additional downtime; mitigation works planned for the dry season. Wolfram Camp exploration •Rigs planned to relocate from Carbine to Wolfram Camp around mid-July 2026 to convert the historical non-JORC resource to JORC standard. •Queensland Government indicated an ML could be approved within 12 months; management considers 18 months more realistic. •Plan to mine, crush and sort material at Wolfram Camp for processing at Carbine’s excess gravity circuit capacity. Financials & balance sheet •Revenue of AUD 32.7 million for Q3 FY2026; cash receipts of AUD 19.8 million after prepayment reductions of AUD 6.9 million and a AUD 5.9 million increase in accounts receivable. •Cash on hand at 31 March 2026: AUD 15.5–15.8 million; accounts receivable: AUD 15 million. •Cash on hand reported as approximately AUD 22 million as at the date of the webinar (29 April 2026). •Oaktree debt of AUD 7.25 million fully converted to equity following shareholder approval in March 2026. •Net cash outflow from operations was AUD 11.5 million in Q3 FY2026, driven by weather-impacted production and timing of shipments. •Management stated no further capital raising is anticipated in the near term. Corporate & governance •Michael Nossal appointed Independent Non-Executive Chairman effective 1 April 2026. •New hires: General Counsel (Virna Trout), Group IT Manager, Group Reporting Manager (starting the day of the webinar). •5-year Brisbane CBD office lease entered, commencing 1 June 2026. •Management and CFO have spent ~80 hours in investor meetings, with strong inbound from US and European institutions (4–6 US investor meetings per week between the two of them). •Nasdaq listing is being reviewed but not imminent; US investors reported they can access EQR on the ASX. An LEI has been obtained to facilitate European (e.g., German) institutional purchases. •Tungsten Metals Group potential acquisition still under discussion; no decision reached, update promised “in due course.” Weather risk mitigation plan •Plan to build 2-month ROM pad stockpiles at both sites (Barruecopardo and Carbine) to decouple mining from processing during wet seasons; estimated cost AUD 2–4 million per site

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