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2026-11-06
◂ Monitor EQR ASX

EQ Resources Limited

Producer · Tungsten · ES · AU Rating locked: sign in to view v8.1 · eqr-20261031t172752-full
Last 2026-11-06
A$0.28
1D
—
1M
—
YTD
—
1Y
—
Fair value
Locked: sign in to view
Upside
Locked: sign in to view
Mkt cap
A$1.5B
EV
A$1.4B
Cash
A$82.4M
Debt
A$29.6M
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$82.4M2026-06-30: 28,180,000 A$2026-09-30: 82,384,000 A$ Self Funding
Debt A$29.6MFY2025: 60,766,000FY2026: 36,792,000 Net cash A$52.8M
Basic shares 5.2BFY2025: 2,727,672,193FY2026: 5,115,488,534 2026-10-16
Runway Self Funding Operating cash flow of A$75.6m in the September 2026 quarter against about A$19.4m of investing outflow; Appendix 5B item 8.7 is not applicable.

Liquidity

Financial position

Cash of A$82.4m at 30 September 2026 against A$29.55m of drawn facilities (Traxys prepayment A$22.5m amortising to March 2029, Cronimet advance A$5.0m, Cronimet working capital A$2.0m), leases of A$12.3m and a Regal royalty liability of A$10.8m. The going-concern qualification of FY2025 was removed. Liquidity is strong at current prices but depends on APT staying well above cost; receivables of A$51.5m and A$80-100m of FY2027 capex are the near-term cash calls.

Inventory composition4

Inventories of A$46.9m at 30 June 2026, dominated by the acquired Mt Carbine low-grade stockpile carried at A$20.3m; closing ROM at Barruecopardo rose to 669,541 t at 30 September 2026.

Mt Carbine low-grade stockpile, raw material (non-current, about 5.32 Mt on hand)
A$20.3M carrying · 5,320,000 t
Work-in-progress (circuit and ore on pads)
A$13.4M carrying
Finished goods tungsten concentrate (current 4,094k and non-current 3,330k)
A$7.4M carrying
Workshop inventory and raw consumables
A$5.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
5.2B
Fully diluted
5.5B

Ordinary shares: 5,156,642,367 on the register at 31 August 2026 plus 27,207,109 shares quoted under six Appendix 2A notices between 7 September and 19 October 2026 gives 5,183,849,476 at 16 October 2026. Fully diluted adds 291,725,752 options (31 August 2026) and 23,290,000 performance rights (30 June 2026) and removes the 27,207,109 shares assumed to have come from conversions, giving 5,471,658,119. The option table lists the 30 June 2026 series (about 299.7m options) and does not net exercises since; the valuation applies the treasury-method with these strikes.

Security classes9
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares at 16 Oct 2026Ordinary Share5.2B——
Options EQRAP, EQRAQ and EQRAT expiring 29 May 2027, strike A$0.0675 (30 Jun 2026 table; later exercises not netted)Option136.5MA$0.0682027-05-29
Options EQRAS expiring 29 Nov 2027, strike A$0.07 (30 Jun 2026 table; later exercises not netted)Option39.7MA$0.072027-11-29
Options EQRAV expiring 3 Nov 2028, strike A$0.0512 (30 Jun 2026 table; later exercises not netted)Option4MA$0.0512028-11-03
Options EQRAX expiring 27 Nov 2028, strike A$0.05 (30 Jun 2026 table; later exercises not netted)Option5MA$0.052028-11-27
Options EQRAY expiring 3 Mar 2029, strike A$0.035 (30 Jun 2026 table; later exercises not netted)Option8MA$0.0352029-03-03
Options EQRAZZ expiring 22 Mar 2029, strike A$0.15 (30 Jun 2026 table; later exercises not netted)Option39MA$0.152029-03-22
Options EQROP1-4 expiring 9 Jan 2029, strike A$0.15 (30 Jun 2026 table; later exercises not netted)Option65.9MA$0.152029-01-09
Performance rights EQRPR01 expiring 30 Sep 2028 (30 Jun 2026 table)Performance Right23.3M—2028-09-30

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AFY2026A
Operations
WO3 produced, groupmtuFY2025: 167,805 mtuFY2026: 118,946 mtu167,805118,946
WO3 produced, BarruecopardomtuFY2025: 119,023 mtuFY2026: 90,666 mtu119,02390,666
WO3 produced, Mt CarbinemtuFY2025: 48,782 mtuFY2026: 28,280 mtu48,78228,280
Profit and loss
RevenueAUDmFY2025: 66,050,000 AUDFY2026: 165,439,000 AUD66.0165.4
Operating costs and royalties (net of other income; implied for actual years)AUDmFY2025: 75,563,000 AUDFY2026: 114,863,000 AUD75.6114.9
Corporate costs and regional explorationAUDm0.00.0
EBITDAAUDmFY2025: -9,513,000 AUDFY2026: 50,576,000 AUD(9.5)50.6
Depreciation and amortisationAUDmFY2025: 12,037,000 AUDFY2026: 17,432,000 AUD12.017.4
EBITAUDmFY2025: -21,550,000 AUDFY2026: 33,144,000 AUD(21.6)33.1
Net interest and finance chargesAUDmFY2025: 5,601,000 AUDFY2026: 6,466,000 AUD5.66.5
Income tax (cash tax in forecast)AUDm0.00.0
Share-based payments and other non-cash itemsAUDmFY2025: 12,077,000 AUDFY2026: 19,565,000 AUD12.119.6
Net profit after taxAUDmFY2025: -39,228,000 AUDFY2026: 7,113,000 AUD(39.2)7.1
Cash flow
Operating cash flowAUDmFY2025: -16,918,000 AUDFY2026: -5,595,000 AUD(16.9)(5.6)
Sustaining capexAUDmFY2025: 2,003,000 AUDFY2026: 8,457,000 AUD2.08.5
Growth and exploration capexAUDmFY2025: 8,186,000 AUDFY2026: 4,452,000 AUD8.24.5
Total capexAUDmFY2025: 10,189,000 AUDFY2026: 12,909,000 AUD10.212.9
Free cash flowAUDmFY2025: -27,107,000 AUDFY2026: -18,504,000 AUD(27.1)(18.5)
Balance sheet
CashAUDmFY2025: 1,874,000 AUDFY2026: 28,180,000 AUD1.928.2
Borrowings, convertible notes and lease liabilitiesAUDmFY2025: 60,766,000 AUDFY2026: 36,792,000 AUD60.836.8
Net debt (negative is net cash)AUDmFY2025: 58,892,000 AUDFY2026: 8,612,000 AUD58.98.6
Total equityAUDmFY2025: 36,287,000 AUDFY2026: 154,268,000 AUD36.3154.3
Per share
Shares on issue at period endm sharesFY2025: 2,727,672,193 sharesFY2026: 5,115,488,534 shares2,727.75,115.5
Basic earnings per shareAUD/shareFY2025: -0.02 AUD/shareFY2026: 0.00 AUD/share(0.02)0.00
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025: -154 xFY2026: 28.92 x(153.8)28.9
P / E (x, current market cap)xFY2025: -38.32 xFY2026: 211 x(38.3)211.3
FCF yield (current market cap)%FY2025: -0.02 fractionFY2026: -0.01 fraction-1.8%-1.2%
EBITDA margin%FY2025: -0.14 fractionFY2026: 0.31 fraction-14.4%30.6%
Net debt / EBITDA (x)xFY2025: -6.19 xFY2026: 0.17 x(6.2)0.2

KPI history

Operating metrics

Source values by period
Operating metric source table24
MetricProjectPeriodPeriod typeValueStatus
Group WO3 produced Q2 FY2025CompanyQ2 FY2025Quarter42,292 mtuReported
Group WO3 produced Q3 FY2025CompanyQ3 FY2025Quarter36,322 mtuReported
Group WO3 produced Q4 FY2025CompanyQ4 FY2025Quarter35,197 mtuReported
Group WO3 produced Q1 FY2026CompanyQ1 FY2026Quarter28,834 mtuReported
Group WO3 produced Q2 FY2026CompanyQ2 FY2026Quarter38,292 mtuReported
Group WO3 produced Q3 FY2026CompanyQ3 FY2026Quarter23,505 mtuReported
Group WO3 produced Q4 FY2026CompanyQ4 FY2026Quarter28,315 mtuReported
Group WO3 produced Q1 FY2027CompanyQ1 FY2027Quarter51,233 mtuReported
Group average realised price Q1 FY2026CompanyQ1 FY2026Quarter374 USD/mtuReported
Group average realised price Q2 FY2026CompanyQ2 FY2026Quarter478 USD/mtuReported
Group average realised price Q3 FY2026CompanyQ3 FY2026Quarter1,004 USD/mtuReported
Group average realised price Q4 FY2026CompanyQ4 FY2026Quarter1,875 USD/mtuReported
Group average realised price Q1 FY2027CompanyQ1 FY2027Quarter2,248 USD/mtuReported
Barruecopardo WO3 produced FY2026BarruecopardoFY2026Year90,666 mtuReported
Mt Carbine WO3 produced FY2026Mt CarbineFY2026Year28,280 mtuReported
Barruecopardo WO3 produced Q1 FY2027BarruecopardoQ1 FY2027Quarter34,088 mtuReported
Mt Carbine WO3 produced Q1 FY2027Mt CarbineQ1 FY2027Quarter17,145 mtuReported
Group cash cost (COGS after inventory movement) Q1 FY2027CompanyQ1 FY2027Quarter483 USD/mtuReported
Group cash cost (COGS after inventory movement) Q4 FY2026CompanyQ4 FY2026Quarter711 USD/mtuReported
Group revenue FY2026CompanyFY2026Year165,439,000 AUDReported
Group EBITDA FY2026 (company defined)CompanyFY2026Year50,576,000 AUDReported
Cash 30 June 2026Company30 Jun 2026Point In Time28,180,000 AUDReported
Cash 30 September 2026Company30 Sep 2026Point In Time82,384,000 AUDReported
Drawn financing facilities 30 September 2026Company30 Sep 2026Point In Time29,550,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Wo3 Production, Fy2027 (Group), MtuCompanyFY2027240,000280,000 mtu WO3Current
Cash Cost Of Production, Fy2027 (Group), Aud Per MtuCompanyFY2027595691 AUD per mtuCurrent
Capital Expenditure, Fy2027 (Group), AudCompanyFY202780,000,000100,000,000 AUDCurrent

Capital history

Capital events

6 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-07-10Raising—30M—Completed—
2026-06-30RaisingOptionsA$23.2M——CompletedCash proceeds from option exercises during FY2026; a further A$1.8m was received in the September 2026 quarter.exercise of options from FY2025 raisings
2026-06-26Raising—20M—Completed—
2026-02-18Ann. 2026-02-24Debt———CompletedEUR 15m commercial prepayment facility with linked offtake; monthly principal from August 2026; AR note records the amount in euro, announcement dated 24 February 2026 per the investor presentation.Period 2026-02-18 to 2029-02-18 · EURIBOR + 5.5% · Traxys Europe S.A.
2025-12-05RaisingOrdinary SharesA$34M680MA$0.05CompletedA$34m placement of 680m shares plus conversion of A$7.25m Oaktree pre-royalty loan into 145m shares at A$0.05, subject to approval.Max 825M · Euroz Hartleys and Canaccord Genuity · Holder approval required
2025-09-09Ann. 2025-09-03RaisingOrdinary SharesA$22.5M703.1MA$0.032CompletedInstitutional placement; 570.2m shares under existing capacity and 132.9m to Oaktree subject to shareholder approval.Max 703.1M · Canaccord Genuity and Henslow · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Built from the Annual Report 2026 notes (borrowings, contract liabilities, royalty), the September 2026 Appendix 5B facilities and announcements; offtake pricing and volume terms of the Cronimet, Traxys and Elmet agreements are not fully disclosed in the documents read.

Long-term volume-based offtake of Mt Carbine concentrate with Cronimet (Cronimet Australia is a 5.0% shareholder and Oliver Kleinhempel is a Cronimet executive); price floats with the APT benchmark and a USD advance is repaid from free cash flow.

Offtake · Active
Counterparties
Cronimet Asia Pte Ltd
Applies to
Mt Carbine tungsten mine and low-grade stockpile · Tungsten
Economic direction
Mixed
Period
Dates not stated
Key terms
Share of initial Mt Carbine production sold: 100 %
Offtake advance outstanding at 30 Jun 2026: 5,079,000 AUD
Working capital facility drawn: 2,001,000 AUD
Pricing: Fastmarkets APT 88.5% WO3 Rotterdam CIF, month prior to shipment
How it affects our valuation

No valuation treatment is available for this arrangement.

EUR 15m commercial prepayment facility with a linked tungsten concentrate offtake and subordination agreement for Saloro; repaid monthly from August 2026 either in cash or by concentrate deliveries.

Offtake · Active
Counterparties
Traxys Europe S.A.
Applies to
Barruecopardo tungsten mine (Saloro S.L.U.) · Tungsten
Economic direction
Mixed
Period
From 2026-02-18; no end date stated
Key terms
Facility size: 15,000,000 EUR
Interest: EURIBOR 1M + 5.5%
Final discharge: 2029-02-18
Monthly principal settled by deliveries, cap: 500,000 EUR
Drawn at 30 Sep 2026: 22,518,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Strategic collaboration and long-term offtake of Barruecopardo concentrate to a US downstream manufacturer, with Elmet also holding EQR shares and taking 70% of the Springer APT JV.

Offtake · Active
Counterparties
The Elmet Group Co.
Applies to
Barruecopardo tungsten mine (Saloro S.L.U.) · Tungsten
Economic direction
Benefit
Period
From 2024-09-02; no end date stated
Key terms
Term: 5 years, mutually renewable
Elmet shareholding: 23,652,634 shares
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty funding of A$10m received in two tranches in exchange for a 3% royalty on Mt Carbine; carried as a A$10.8m financial liability at fair value.

Royalty · Active
Counterparties
Regal Resources Royalties Fund
Applies to
Mt Carbine tungsten mine and low-grade stockpile · Tungsten
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate: 3 %
Buy-back: Buy-back after first stage A$10m is recovered and before the 7th anniversary, for A$2.75m, reducing the royalty to 1.5% for life of mine
Liability at 30 Jun 2026: 10,804,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

A 2.5% NSR royalty over Saloro agreed on 15 August 2025 for a US$7.5m pre-royalty loan; the December 2025 raise converted the loan to equity and stated the royalty agreement would be terminated. The FY2026 accounts carry no royalty liability.

Royalty · Terminated
Counterparties
Oaktree Capital Management
Applies to
Barruecopardo tungsten mine (Saloro S.L.U.) · Tungsten
Economic direction
Burden
Period
From 2025-08-15; no end date stated
Key terms
Proposed royalty: 2.5 % NSR
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Binding framework agreement for a 10% interest in a US joint venture (Elmet 70%, Blue Moon 20%) to restart the Springer APT plant, with feedstock allocation to EQR; plant restart targeted for 2H 2028.

Joint Venture · Conditional
Counterparties
The Elmet Group Co. · Blue Moon Metals Inc.
Applies to
Company-wide · Tungsten
Economic direction
Mixed
Period
From 2026-09-14; no end date stated
Key terms
EQR interest: 10 %
Capital exposure cap (reported by secondary source): 3,125,000 USD
Plant: 4,000 tpa APT
How it affects our valuation

No valuation treatment is available for this arrangement.