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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
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Fair value
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A$1.5B
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A$1.4B
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A$82.4M
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A$29.6M
1 newer ASX announcement not yet reflected in this valuation

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

The reported team combines tungsten operations, finance and legal experience. EQR describes a financing recovery alongside dilution and material safety and restoration challenges. This is a limited screen with important person-specific research gaps.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Craig Bradshaw

Managing Director

Current
Full background report for Craig Bradshaw
Role FitAnalyst Inference · Medium materiality

Tungsten industry background

The issuer says Bradshaw was CEO of Masan High-Tech Materials and managing director of H.C. Starck Tungsten Powders before joining EQR. His appointment disclosure reports a business degree and CPA qualification; independent verification and precise former-employer dates are incomplete.

Responsibility not applicable · The former roles are issuer-reported and are not proof of specific individual commercial outcomes.

FailureIssuer Reported · Medium materiality

Prior mine blasting interruption

Masan reported blasting at Nui Phao had stopped since Q2 2023, lowering mined ore volumes and profitability. A 2024 Masan release announced a replacement blasting partnership and expected resumption in March. It names Bradshaw as CEO but does not establish his individual responsibility for the stoppage or independently establish the actual restart.

Role overlaps event; causation unproven · Bradshaw was named as Masan CEO in the release; personal responsibility and actual restart were not independently established.

Nui Phao Mining and GAET form strategic blasting partnership · PDF page 1, interruption and partnership
Company SuccessIssuer Reported · Medium materiality

Recapitalisation and reported profit

EQR reported FY2026 net profit after tax of A$7.1 million versus a restated A$39.2 million loss in FY2025. The managing director described substantial equity raising and debt conversion, with shares on issue increasing from 2.7 billion to 5.1 billion. This followed a period of liquidity pressure and benefited from higher tungsten prices.

Role overlaps event; causation unproven · Bradshaw became managing director 1 October 2025, part way through FY2026; the source does not isolate his individual contribution.

Annual report FY2026 · Physical PDF page 6, printed page 4, managing director address
SafetyIssuer Reported · High materiality

Mt Carbine safety frequency

EQR reported Mt Carbine lost-time injury frequency increased from 36.6 in FY2025 to 43.0 in FY2026 and then fell to 34.8 at September 2026. The company reported safety audits and new controls; effectiveness over a longer period remains unestablished.

Role overlaps event; causation unproven · Company and site-level measures during this person’s reported role; individual causal responsibility and exact incident-level oversight are not established.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 4, Health and Safety
SafetyIssuer Reported · High materiality

Barruecopardo safety frequency

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Role overlaps event; causation unproven · Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 3, Health and Safety
EnvironmentIssuer Reported · Medium materiality

Restoration-plan non-compliance remained open

The October quarterly says a risk of temporary suspension at Barruecopardo linked to partial non-compliance with the restoration mining plan had been mitigated after engagement with Salamanca’s industry authority. EQR said it continued work to address the non-compliance; the final regulator disposition was not established.

Role overlaps event; causation unproven · This is the company’s account of the site issue; individual decisions and fault are not established, and the regulator notice was not independently inspected.

September 2026 quarterly activities · PDF page 3, final processing paragraph
Evidence gaps · 3
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

Full background report

Craig Bradshaw

Managing Director

Career chronology

Contributions and company outcomes

Masan reported higher 2022 revenue

2022 · issuer reported · medium materiality

Masan reported VND15,550 billion in 2022 revenue, 15% above 2021, citing stronger tungsten demand and pricing; Bradshaw was identified as its CEO. This is a company result and does not establish his individual contribution.

Attribution: Role overlaps event; causation unproven. The issuer identifies him as CEO but does not isolate his contribution or the effect of pricing.

Relevance: Provides balance to the prior operating setback.

Masan High-Tech Materials achieved record revenues in 2022 (PDF page 1, AGM and revenue)

Recapitalisation and reported profit

FY2026 · issuer reported · medium materiality

EQR reported FY2026 net profit after tax of A$7.1 million versus a restated A$39.2 million loss in FY2025. The managing director described substantial equity raising and debt conversion, with shares on issue increasing from 2.7 billion to 5.1 billion. This followed a period of liquidity pressure and benefited from higher tungsten prices.

Attribution: Role overlaps event; causation unproven. Bradshaw became managing director 1 October 2025, part way through FY2026; the source does not isolate his individual contribution.

Relevance: Financing recovery and dilution are both relevant to management delivery.

Annual report FY2026 (Physical PDF page 6, printed page 4, managing director address)

Business failures and setbacks

Prior mine blasting interruption

2023–2024 · issuer reported · medium materiality

Masan reported blasting at Nui Phao had stopped since Q2 2023, lowering mined ore volumes and profitability. A 2024 Masan release announced a replacement blasting partnership and expected resumption in March. It names Bradshaw as CEO but does not establish his individual responsibility for the stoppage or independently establish the actual restart.

Attribution: Role overlaps event; causation unproven. Bradshaw was named as Masan CEO in the release; personal responsibility and actual restart were not independently established.

Relevance: A relevant prior operating setback alongside the company’s stated response.

Nui Phao Mining and GAET form strategic blasting partnership (PDF page 1, interruption and partnership)

Industrial safety

Mt Carbine safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Mt Carbine lost-time injury frequency increased from 36.6 in FY2025 to 43.0 in FY2026 and then fell to 34.8 at September 2026. The company reported safety audits and new controls; effectiveness over a longer period remains unestablished.

Attribution: Role overlaps event; causation unproven. Company and site-level measures during this person’s reported role; individual causal responsibility and exact incident-level oversight are not established.

Relevance: Material operating and workforce-safety context.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 4, Health and Safety)

Barruecopardo safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Attribution: Role overlaps event; causation unproven. Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Relevance: Relevant context for operating oversight.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 3, Health and Safety)

Environmental record

Restoration-plan non-compliance remained open

October 2026 · issuer reported · medium materiality

The October quarterly says a risk of temporary suspension at Barruecopardo linked to partial non-compliance with the restoration mining plan had been mitigated after engagement with Salamanca’s industry authority. EQR said it continued work to address the non-compliance; the final regulator disposition was not established.

Attribution: Role overlaps event; causation unproven. This is the company’s account of the site issue; individual decisions and fault are not established, and the regulator notice was not independently inspected.

Relevance: Relevant environmental compliance and continuity context.

September 2026 quarterly activities (PDF page 3, final processing paragraph)

Suitability for the current role

Tungsten industry background

Prior to 2025 · analyst inference · medium materiality

The issuer says Bradshaw was CEO of Masan High-Tech Materials and managing director of H.C. Starck Tungsten Powders before joining EQR. His appointment disclosure reports a business degree and CPA qualification; independent verification and precise former-employer dates are incomplete.

Attribution: Responsibility not applicable. The former roles are issuer-reported and are not proof of specific individual commercial outcomes.

Relevance: Relevant prior tungsten exposure for a two-mine producer.

Appointment of Craig Bradshaw as Managing Director (Page 1, appointment biography)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

Jonathan Kort

Chief Financial Officer

Current
Full background report for Jonathan Kort
Company SuccessIssuer Reported · Medium materiality

Financing recovery alongside dilution

EQR reported FY2026 net profit after tax of A$7.1 million versus a restated A$39.2 million loss in FY2025. The managing director described significant equity funding and debt conversion, with issued shares rising from 2.7 billion to 5.1 billion; higher tungsten prices also helped.

Role overlaps event; causation unproven · Kort was company CFO during the period; the disclosures do not quantify his individual contribution to financing.

Annual report FY2026 · Physical PDF page 6, printed page 4, managing director address
EQR investor presentation July 2026 · PDF page 5, CFO role
GovernanceIssuer Reported · Medium materiality

Inconsistent prior-year EBITDA figures

The FY2026 annual report’s managing director address describes FY2025 EBITDA as negative A$29.7 million, while the remuneration table gives negative A$9.5 million. Both values are printed in the issuer report; differences in definition or other explanations were not established.

Role overlaps event; causation unproven · Kort was CFO, but the sources do not establish who prepared either figure, a reporting breach, or personal fault.

Annual report FY2026 · Physical PDF pages 6 and 43, printed pages 4 and 41
Evidence gaps · 3
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

Full background report

Jonathan Kort

Chief Financial Officer

Career chronology

Education and qualifications

Issuer-reported qualifications

Issuer disclosure 2025–2026 · issuer reported · low materiality

The issuer reports a chartered accountant qualification and MSc in Mineral Economics. These have not been verified with the institutions.

Attribution: Responsibility not applicable. Credential claims are issuer-reported; direct confirmation was not obtained.

Relevance: Background relevant to the stated role.

EQR investor presentation July 2026 (PDF page 5)

Contributions and company outcomes

Financing recovery alongside dilution

FY2026 · issuer reported · medium materiality

EQR reported FY2026 net profit after tax of A$7.1 million versus a restated A$39.2 million loss in FY2025. The managing director described significant equity funding and debt conversion, with issued shares rising from 2.7 billion to 5.1 billion; higher tungsten prices also helped.

Attribution: Role overlaps event; causation unproven. Kort was company CFO during the period; the disclosures do not quantify his individual contribution to financing.

Relevance: Relevant to finance execution while showing the shareholder dilution.

Annual report FY2026 (Physical PDF page 6, printed page 4, managing director address); EQR investor presentation July 2026 (PDF page 5, CFO role)

Governance and interests

Inconsistent prior-year EBITDA figures

FY2026 report · issuer reported · medium materiality

The FY2026 annual report’s managing director address describes FY2025 EBITDA as negative A$29.7 million, while the remuneration table gives negative A$9.5 million. Both values are printed in the issuer report; differences in definition or other explanations were not established.

Attribution: Role overlaps event; causation unproven. Kort was CFO, but the sources do not establish who prepared either figure, a reporting breach, or personal fault.

Relevance: The differing figures require reconciliation before comparing EBITDA.

Annual report FY2026 (Physical PDF pages 6 and 43, printed pages 4 and 41)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

Virna Trout

General Counsel and Company Secretary

Current
Full background report for Virna Trout
Role FitAnalyst Inference · Medium materiality

Legal and company secretarial role

A July 2026 issuer announcement records Trout’s appointment as company secretary effective 23 July and reports more than 20 years in legal and governance roles. It states BCom and law qualifications; these were not independently checked.

Responsibility not applicable · Qualifications and career experience are company-reported; credentials not independently confirmed.

Appointment and resignation of company secretary · PDF page 1, appointment and biography
Evidence gaps · 3
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

Full background report

Virna Trout

General Counsel and Company Secretary

Career chronology

Education and qualifications

Issuer-reported qualifications

Issuer disclosure 2025–2026 · issuer reported · low materiality

The issuer reports a commerce degree and honours law degree from the University of Queensland. These have not been verified with the institutions.

Attribution: Responsibility not applicable. Credential claims are issuer-reported; direct confirmation was not obtained.

Relevance: Background relevant to the stated role.

Appointment and resignation of company secretary (PDF page 1)

Suitability for the current role

Legal and company secretarial role

July 2026 · analyst inference · medium materiality

A July 2026 issuer announcement records Trout’s appointment as company secretary effective 23 July and reports more than 20 years in legal and governance roles. It states BCom and law qualifications; these were not independently checked.

Attribution: Responsibility not applicable. Qualifications and career experience are company-reported; credentials not independently confirmed.

Relevance: The experience described is relevant to cross-border governance and disclosure work.

Appointment and resignation of company secretary (PDF page 1, appointment and biography)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

Kevin MacNeill

Head of Operational Excellence

Current
Full background report for Kevin MacNeill
SafetyIssuer Reported · High materiality

Mt Carbine safety frequency

EQR reported Mt Carbine lost-time injury frequency increased from 36.6 in FY2025 to 43.0 in FY2026 and then fell to 34.8 at September 2026. The company reported safety audits and new controls; effectiveness over a longer period remains unestablished.

Role overlaps event; causation unproven · Company and site-level measures during this person’s reported role; individual causal responsibility and exact incident-level oversight are not established.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 4, Health and Safety
SafetyIssuer Reported · High materiality

Barruecopardo safety frequency

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Role overlaps event; causation unproven · Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 3, Health and Safety
Evidence gaps · 4
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.
  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Full background report

Kevin MacNeill

Head of Operational Excellence

Career chronology

  • Named in July 2026 issuer presentation; exact role start not established: EQ Resources — Head of Operational Excellence. EQR investor presentation July 2026 (PDF page 5, leadership slide)

Industrial safety

Mt Carbine safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Mt Carbine lost-time injury frequency increased from 36.6 in FY2025 to 43.0 in FY2026 and then fell to 34.8 at September 2026. The company reported safety audits and new controls; effectiveness over a longer period remains unestablished.

Attribution: Role overlaps event; causation unproven. Company and site-level measures during this person’s reported role; individual causal responsibility and exact incident-level oversight are not established.

Relevance: Material operating and workforce-safety context.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 4, Health and Safety)

Barruecopardo safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Attribution: Role overlaps event; causation unproven. Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Relevance: Relevant context for operating oversight.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 3, Health and Safety)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Clinton Barnes

General Manager, Mt Carbine

Current
Full background report for Clinton Barnes
SafetyIssuer Reported · High materiality

Mt Carbine safety frequency

EQR reported Mt Carbine lost-time injury frequency increased from 36.6 in FY2025 to 43.0 in FY2026 and then fell to 34.8 at September 2026. The company reported safety audits and new controls; effectiveness over a longer period remains unestablished.

Role overlaps event; causation unproven · Company and site-level measures during this person’s reported role; individual causal responsibility and exact incident-level oversight are not established.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 4, Health and Safety
Evidence gaps · 4
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.
  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Full background report

Clinton Barnes

General Manager, Mt Carbine

Career chronology

  • Named in July 2026 issuer presentation; exact role start not established: EQ Resources — General Manager, Mt Carbine. EQR investor presentation July 2026 (PDF page 5, leadership slide)

Industrial safety

Mt Carbine safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Mt Carbine lost-time injury frequency increased from 36.6 in FY2025 to 43.0 in FY2026 and then fell to 34.8 at September 2026. The company reported safety audits and new controls; effectiveness over a longer period remains unestablished.

Attribution: Role overlaps event; causation unproven. Company and site-level measures during this person’s reported role; individual causal responsibility and exact incident-level oversight are not established.

Relevance: Material operating and workforce-safety context.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 4, Health and Safety)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Alvaro Serrano

Chief Executive Officer, Saloro

Current
Full background report for Alvaro Serrano
SafetyIssuer Reported · High materiality

Barruecopardo safety frequency

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Role overlaps event; causation unproven · Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 3, Health and Safety
EnvironmentIssuer Reported · Medium materiality

Restoration-plan non-compliance remained open

The October quarterly says a risk of temporary suspension at Barruecopardo linked to partial non-compliance with the restoration mining plan had been mitigated after engagement with Salamanca’s industry authority. EQR said it continued work to address the non-compliance; the final regulator disposition was not established.

Role overlaps event; causation unproven · This is the company’s account of the site issue; individual decisions and fault are not established, and the regulator notice was not independently inspected.

September 2026 quarterly activities · PDF page 3, final processing paragraph
Evidence gaps · 4
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.
  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Full background report

Alvaro Serrano

Chief Executive Officer, Saloro

Career chronology

  • Named in July 2026 issuer presentation; exact role start not established: Saloro — Chief Executive Officer. EQR investor presentation July 2026 (PDF page 5, leadership slide)

Education and qualifications

Issuer-reported qualifications

Issuer disclosure 2025–2026 · issuer reported · low materiality

The issuer reports an economics degree and executive MBA from IE Business School. These have not been verified with the institutions.

Attribution: Responsibility not applicable. Credential claims are issuer-reported; direct confirmation was not obtained.

Relevance: Background relevant to the stated role.

Annual report 2025 (Printed page 3)

Industrial safety

Barruecopardo safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Attribution: Role overlaps event; causation unproven. Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Relevance: Relevant context for operating oversight.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 3, Health and Safety)

Environmental record

Restoration-plan non-compliance remained open

October 2026 · issuer reported · medium materiality

The October quarterly says a risk of temporary suspension at Barruecopardo linked to partial non-compliance with the restoration mining plan had been mitigated after engagement with Salamanca’s industry authority. EQR said it continued work to address the non-compliance; the final regulator disposition was not established.

Attribution: Role overlaps event; causation unproven. This is the company’s account of the site issue; individual decisions and fault are not established, and the regulator notice was not independently inspected.

Relevance: Relevant environmental compliance and continuity context.

September 2026 quarterly activities (PDF page 3, final processing paragraph)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Evren Oeren

Chief Operating Officer, Saloro

Current
Full background report for Evren Oeren
SafetyIssuer Reported · High materiality

Barruecopardo safety frequency

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Role overlaps event; causation unproven · Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Annual report FY2026 · Physical PDF page 6, printed page 4, safety section
September 2026 quarterly activities · PDF page 3, Health and Safety
EnvironmentIssuer Reported · Medium materiality

Restoration-plan non-compliance remained open

The October quarterly says a risk of temporary suspension at Barruecopardo linked to partial non-compliance with the restoration mining plan had been mitigated after engagement with Salamanca’s industry authority. EQR said it continued work to address the non-compliance; the final regulator disposition was not established.

Role overlaps event; causation unproven · This is the company’s account of the site issue; individual decisions and fault are not established, and the regulator notice was not independently inspected.

September 2026 quarterly activities · PDF page 3, final processing paragraph
Evidence gaps · 4
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.
  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Full background report

Evren Oeren

Chief Operating Officer, Saloro

Career chronology

  • Named in July 2026 issuer presentation; exact role start not established: Saloro — Chief Operating Officer. EQR investor presentation July 2026 (PDF page 5, leadership slide)

Education and qualifications

Issuer-reported qualifications

Issuer disclosure 2025–2026 · issuer reported · low materiality

The issuer reports an MSc in mining engineering and an MBA. These have not been verified with the institutions.

Attribution: Responsibility not applicable. Credential claims are issuer-reported; direct confirmation was not obtained.

Relevance: Background relevant to the stated role.

Annual report 2025 (Printed page 3)

Industrial safety

Barruecopardo safety frequency

FY2025–September 2026 · issuer reported · high materiality

EQR reported Barruecopardo lost-time injury frequency declined from 22.5 in FY2025 to 15.8 in FY2026, then increased to 22.3 at September 2026. The company reports continued safety sessions and environmental monitoring.

Attribution: Role overlaps event; causation unproven. Site-level outcomes overlap the person’s reported role; the evidence does not establish personal causation or responsibility for any particular injury.

Relevance: Relevant context for operating oversight.

Annual report FY2026 (Physical PDF page 6, printed page 4, safety section); September 2026 quarterly activities (PDF page 3, Health and Safety)

Environmental record

Restoration-plan non-compliance remained open

October 2026 · issuer reported · medium materiality

The October quarterly says a risk of temporary suspension at Barruecopardo linked to partial non-compliance with the restoration mining plan had been mitigated after engagement with Salamanca’s industry authority. EQR said it continued work to address the non-compliance; the final regulator disposition was not established.

Attribution: Role overlaps event; causation unproven. This is the company’s account of the site issue; individual decisions and fault are not established, and the regulator notice was not independently inspected.

Relevance: Relevant environmental compliance and continuity context.

September 2026 quarterly activities (PDF page 3, final processing paragraph)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Mark Lindsay

General Manager, Discovery and Growth

Current
Full background report for Mark Lindsay
Role FitAnalyst Inference · Medium materiality

Exploration role added to selected roster

A 16 July 2026 report states Lindsay commenced as general manager, discovery and growth on 15 July and previously held senior exploration positions at Gold Road, GBM and Resolute. Those roles and their exact dates require independent corroboration.

Responsibility not applicable · The article reports appointment and experience; individual discoveries and prior-employer performance have not been independently established.

EQ Resources handpicks new exploration chief · Article, appointment and prior-career paragraphs
Evidence gaps · 4
  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.
  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.
  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.
  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.

Full background report

Mark Lindsay

General Manager, Discovery and Growth

Career chronology

Suitability for the current role

Exploration role added to selected roster

July 2026 · analyst inference · medium materiality

A 16 July 2026 report states Lindsay commenced as general manager, discovery and growth on 15 July and previously held senior exploration positions at Gold Road, GBM and Resolute. Those roles and their exact dates require independent corroboration.

Attribution: Responsibility not applicable. The article reports appointment and experience; individual discoveries and prior-employer performance have not been independently established.

Relevance: Relevant geological experience as EQR seeks resource growth.

EQ Resources handpicks new exploration chief (Article, appointment and prior-career paragraphs)

Evidence gaps

  • This is a partial public-source screen; independent credentials, exact role and employer tenure, and person-specific prior-employer outcomes remain incompletely verified.

  • Separate person-specific searches for all required subject topics and targeted court/regulator checks remain incomplete.

  • The detailed source and search record is not a criminal, sanctions, regulatory or professional-credential clearance.

  • The exact start date and continuation of the stated role at 31 October 2026 are not independently established.