OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory37 documents
Tungsten price breaks records as China export curbs and military demand boost investment (mining.com)Commodity Data · MediumMetadata Only

Undated trade-press coverage (retrieved 31 October 2026) of record tungsten prices, China export licensing and defence demand; used for qualitative market context only. Search results elsewhere cited ex-China APT above US$3,000/mtu in April 2026, China limiting 2026-27 tungsten exporters to 15 firms, Chinese APT exports near zero in October customs data, and an ex-China deficit near 16,000 t WO3 in 2026 if all announced projects deliver on time.

Document ID
web_tungsten_market_20261031
Published UTC
2026-10-30T23:30:00Z
Projects
—
Commodities
tungsten
Open original source ↗
Group 6 Metals (ASX: G6M) market statistics (StockAnalysis)Market Data · LowMetadata Only

Undated statistics page for Group 6 Metals, which resumed ASX trading on 30 July 2026 after an A$81.1m debt conversion; displayed market capitalisations conflict (A$25m to A$763m) so no value is used.

Document ID
web_g6m_20261031
Published UTC
2026-10-30T23:30:00Z
Projects
—
Commodities
tungsten
Open original source ↗
EQR.AX last eligible ASX close on or before 31 October 2026 (miners.reference_price)Market Data · HighExtracted

Local ASX close A$0.29 on 30 October 2026 (volume 35.4m shares, high 0.305, low 0.28), market data provider via miners.collect_stock_prices stored in data/asx_mining_companies.db; fresh by one day. Raw close equals adjusted close.

Document ID
reference_price_20261030
Published UTC
2026-10-29T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Market snapshot for EQR (python -m miners.v8db.market_snapshot)Market Data · MediumExtracted

Local snapshot: 52-week range A$0.038-0.50; returns 1m -31.0%, 3m +13.7%, 12m +504%, 3y +314%; 20-day average traded value A$10.9m; AUD per USD 1.4407; no tungsten spot series and no peers in the stock database.

Document ID
market_snapshot_20261030
Published UTC
2026-10-29T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 30 September 2026Results · HighExtracted

Record quarter: revenue A$158.8m, EBITDA A$122.5m, operating cash flow A$75.6m, cash A$82.4m, 51,233 mtu produced and 49,715 mtu sold at US$2,248/mtu realised and US$483/mtu cash cost. First FY2027 guidance: 240,000-280,000 mtu, cash cost A$595-691/mtu, capex A$80-100m. Facilities drawn A$29.55m. Mt Carbine A$39m expansion on track for Q3 FY2027 commissioning; 10% interest in a US APT plant JV.

Document ID
sept_quarter_20261028
Published UTC
2026-10-27T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Notice of Annual General Meeting 2026Governance · LowExtracted

2026 AGM on 25 November 2026 (virtual); includes proposed option grant to the Managing Director at A$0.40 strike.

Document ID
agm_notice_20261027
Published UTC
2026-10-26T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Change in substantial holding - Wonongarra / A. ForrestGovernance · MediumExtracted

Wonongarra and A. Forrest hold 941,470,994 shares (18.14%) after buying 83,649,874 shares on market between 13 and 26 October 2026 for A$23.19m (about A$0.277 per share).

Document ID
substantial_holding_20261026
Published UTC
2026-10-25T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Appendix 2A - 3,730,123 shares (19 Oct 2026)Corporate Action · LowExtracted

3,730,123 shares quoted on conversion of performance rights (911,000), option exercises and other issues, issue date 16 Oct 2026.

Document ID
appendix_2a_20261019
Published UTC
2026-10-18T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Annual Report 2026 (year ended 30 June 2026)Results · HighExtracted

Audited FY2026 accounts with an unmodified opinion: revenue A$165.4m, EBITDA A$50.6m, NPAT A$7.1m, year-end cash A$28.2m, borrowings A$24.5m and equity A$154.3m after a recapitalisation that lifted shares on issue from 2.73bn to 5.12bn. Contains the 30 June 2026 resource and reserve statements for Barruecopardo and Mt Carbine, mine KPI tables, tenement schedules, the Regal royalty and Traxys prepayment notes, option and rights tables, remuneration report and register analysis at 31 August 2026.

Document ID
annual_report_2026
Published UTC
2026-09-29T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Appendix 2A - 6,768,515 shares (29 Sep 2026)Corporate Action · LowExtracted

6,768,515 shares quoted on option exercises, issue date 28 Sep 2026.

Document ID
appendix_2a_20260929
Published UTC
2026-09-28T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Appendix 2A - 8,054,603 shares (23 Sep 2026)Corporate Action · LowExtracted

8,054,603 shares quoted, issue date 22 Sep 2026.

Document ID
appendix_2a_20260923
Published UTC
2026-09-22T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Date of 2026 AGMGovernance · LowExtracted

Annual General Meeting to be held on Wednesday 25 November 2026.

Document ID
agm_date_20260921
Published UTC
2026-09-20T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Appendix 2A - 4,024,492 shares (21 Sep 2026)Corporate Action · LowExtracted

4,024,492 shares quoted, issue date 21 Sep 2026.

Document ID
appendix_2a_20260921
Published UTC
2026-09-20T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Appendix 2A - 2,125,000 shares (17 Sep 2026)Corporate Action · LowExtracted

2,125,000 shares quoted, issue date 17 Sep 2026.

Document ID
appendix_2a_20260917
Published UTC
2026-09-16T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
EQR signs binding agreement for US APT plant JV (ASX announcement mirror, Market Index)Transaction · MediumMetadata Only

Binding agreement for EQR to take 10% of a joint venture with The Elmet Group (70%) and Blue Moon Metals (20%) to restart the 4,000 tpa Springer APT plant in Nevada; EQR additional capital exposure reported as capped near US$3.1m; feedstock priority for Springer; restart targeted 2H 2028. Terms are from a secondary mirror and news reports; the original ASX PDF was not available locally.

Document ID
web_apt_jv_20260915
Published UTC
2026-09-14T23:30:00Z
Projects
barruecopardo
Commodities
tungsten
Open original source ↗
Appendix 2A - 2,504,376 shares (7 Sep 2026)Corporate Action · LowExtracted

2,504,376 shares quoted, issue date 4 Sep 2026.

Document ID
appendix_2a_20260907
Published UTC
2026-09-06T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Board appointments and governanceLeadership · MediumExtracted

Nicole Brook (ex Glencore/Xstrata Coal, Whitehaven director, AusIMM past president) appointed independent non-executive director 25 August 2026; Taki Dermedgoglou appointed as Wonongarra nominee.

Document ID
director_appointments_20260825
Published UTC
2026-08-24T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
EQ Resources board updateLeadership · LowExtracted

Stephen Layton resigned effective 31 July 2026; search for an additional independent director well advanced.

Document ID
board_update_20260731
Published UTC
2026-07-30T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 30 June 2026Results · HighExtracted

Record June quarter revenue A$79m and operating cash flow A$22.5m; group production 28,315 mtu; Fastmarkets APT low price US$2,900/mtu at 30 June 2026; A$39m Mt Carbine expansion approved 3 June 2026 for Q3 FY2027 commissioning.

Document ID
june_quarter_20260728
Published UTC
2026-07-27T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Appointment and resignation of company secretaryLeadership · LowExtracted

Virna Trout (General Counsel) appointed company secretary on 23 July 2026; Tony Di Pietro resigned; registered office moved to Brisbane.

Document ID
company_secretary_20260723
Published UTC
2026-07-22T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Dr Andrew Forrest AO to acquire 16.8% of EQR from OaktreeTransaction · HighExtracted

Wonongarra Pty Ltd (Andrew Forrest) agreed to buy all Oaktree holdings: 862,131,779 shares and 35,555,556 options (about 16.8%). Shareholder rights including a board nominee transfer.

Document ID
forrest_oaktree_20260720
Published UTC
2026-07-19T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
EQR Investor Presentation July 2026Presentation · MediumExtracted

Capital structure (5.14bn shares, 300m options), board and leadership, aspirational targeted production above 3,850 t WO3 per year (2,250 t Mt Carbine, above 1,600 t Barruecopardo; not a formal production target), reserve lives of 8 and 9 years, Mt Carbine expansion and Wolfram Camp historic foreign estimate (2.95 Mt at 0.279%).

Document ID
investor_presentation_20260714
Published UTC
2026-07-13T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
EQR completes Mt Carbine exploration tenure transactionTransaction · LowExtracted

Completed purchase of Aus Critical Minerals and TTTP1 (about 353 km2, includes Mt White mining lease ML 20728) for A$900,000 cash plus 30m shares; Mt Carbine tenure rises to about 1,136 km2.

Document ID
acm_ttp1_20260710
Published UTC
2026-07-09T23:30:00Z
Projects
mt-carbine
Commodities
tungsten
Open original source ↗
EQR welcomes increased strategic investment from the Elmet GroupEconomic Arrangement · MediumExtracted

Elmet exercised an option over 20m EQR shares, taking its holding to 23,652,634 shares; follows a five-year renewable concentrate offtake from Barruecopardo (announced 2 September 2024).

Document ID
elmet_investment_20260626
Published UTC
2026-06-25T23:30:00Z
Projects
barruecopardo
Commodities
tungsten
Open original source ↗
Tenement acquisition supporting Mt Carbine hub strategyTransaction · LowExtracted

Binding agreement to acquire the Hodgkinson tenement package (about 365 km2, six EPMs) from Sunshine Metals for A$250,000.

Document ID
hodgkinson_20260609
Published UTC
2026-06-08T23:30:00Z
Projects
mt-carbine
Commodities
tungsten
Open original source ↗
EQR ceases proposed acquisition of Tungsten Metals GroupTransaction · LowExtracted

EQR will not proceed with acquiring ferrotungsten producer Tungsten Metals Group; focus returns to Mt Carbine and Barruecopardo growth.

Document ID
tmg_cease_20260501
Published UTC
2026-04-30T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 31 March 2026Results · MediumExtracted

Weather-hit quarter: group production 23,505 mtu and realised price US$1,004/mtu; cash A$15.8m; Barruecopardo southern pit flooded.

Document ID
march_quarter_20260428
Published UTC
2026-04-27T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Almonty Industries (TSX: AII) market value report, 3 March 2026 (MarketBeat)Market Data · LowMetadata Only

Almonty, Korea-based Sangdong tungsten mine operator (commercial mining from December 2025; Phase II targets 460,000 mtu per year by 2027), valued near C$6.05bn on 3 March 2026 by a MarketBeat alert. Used only as the single listed tungsten peer with a dated value.

Document ID
web_almonty_20260303
Published UTC
2026-03-02T23:30:00Z
Projects
—
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 31 December 2025Results · MediumExtracted

Group production 28,834 mtu in Q1 FY2026 and 38,292 mtu in Q2 FY2026; realised prices US$374 and US$478/mtu; cash A$22m.

Document ID
dec_quarter_20260121
Published UTC
2026-01-20T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Clarification of Production Targets and Life of Mine PlansGuidance · HighExtracted

ASX-requested clarification that the 1,750 t (Mt Carbine) and above 1,600 t (Barruecopardo) WO3 per year figures are aspirational, not production targets or guidance; life-of-mine plans rest on Ore Reserves only (Barruecopardo 13.87 Mt at 0.136%, 9-year plan).

Document ID
clarification_20251212
Published UTC
2025-12-11T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
EQR successfully undertakes A$34m equity raisingFinancing · HighExtracted

Placement of 680m shares at A$0.05 (A$34m) and conversion of A$7.25m Oaktree pre-royalty loan into 145m shares at A$0.05; proposed 2.5% NSR royalty on Saloro to be terminated.

Document ID
raising_20251205
Published UTC
2025-12-04T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 30 September 2025Results · LowExtracted

Group production 35,197 mtu in Q4 FY2025; cash A$11.5m at 30 September 2025.

Document ID
sept_quarter_20251031
Published UTC
2025-10-30T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Annual Report 2025 (year ended 30 June 2025)Results · MediumExtracted

FY2025 audited accounts under a going-concern qualification; used for the Regal Resources Royalties Fund terms (3% royalty on Mt Carbine, buy-back to 1.5%) and prior-year comparatives.

Document ID
annual_report_2025
Published UTC
2025-09-29T23:30:00Z
Projects
mt-carbine
Commodities
tungsten
Open original source ↗
EQR appoints Craig Bradshaw as Managing DirectorLeadership · MediumExtracted

Craig Bradshaw (ex CEO Masan High-Tech Materials, Nui Phao; ex MD H.C. Starck Tungsten Powders) became Managing Director from 1 October 2025.

Document ID
md_appointment_20250918
Published UTC
2025-09-17T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
EQR announces successful A$22.5m institutional placementFinancing · HighExtracted

Placement of 703.125m shares at A$0.032 to raise A$22.5m; 132.879m shares to Oaktree subject to approval.

Document ID
placement_20250903
Published UTC
2025-09-02T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 30 June 2025Results · LowExtracted

Group production 36,322 mtu in Q3 FY2025 and 35,187 mtu in Q4 FY2025.

Document ID
june_quarter_20250731
Published UTC
2025-07-30T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Quarterly Activities Report and Appendix 5B - quarter ended 31 March 2025Results · LowExtracted

Group production 42,292 mtu in Q2 FY2025 and 36,710 mtu in Q3 FY2025 (later restated to 36,322).

Document ID
march_quarter_20250430
Published UTC
2025-04-29T23:30:00Z
Projects
barruecopardo · mt-carbine
Commodities
tungsten
Open original source ↗
Evidence facts53
ar26-revenueRevenue FY2026

165439000 AUD

2026-06-30
ar26-ebitdaEBITDA FY2026 (company defined)

50576000 AUD

2026-06-30
ar26-npatNPAT FY2026

7113000 AUD

2026-06-30
ar26-cashCash 30 June 2026

28180000 AUD

2026-06-30
ar26-borrowBorrowings 30 June 2026 (Traxys prepayment facility)

24506000 AUD

2026-06-30
ar26-leasesLease liabilities 30 June 2026

12286000 AUD

2026-06-30
ar26-regalRegal royalty liability carried as financial liability

10804000 AUD

2026-06-30
ar26-defrevDeferred revenue (customer advances)

11227000 AUD

2026-06-30
ar26-sharesOrdinary shares at 30 June 2026

5115488534 shares

2026-06-30
ar26-shares-pyOrdinary shares at 30 June 2025

2727672193 shares

2025-06-30
ar26-bcp-resBarruecopardo Mineral Resource total (Mt, %WO3)

20.22 Mt at 0.193% WO3 (3,894,372 mtu) text

2026-06-30
ar26-bcp-rsvBarruecopardo Ore Reserve total

12.16 Mt at 0.13% WO3 (1,617,504 mtu) text

2026-06-30
ar26-mtc-resMt Carbine Mineral Resource total

40.80 Mt at 0.220% WO3 (9,061,430 mtu) text

2026-06-30
ar26-mtc-rsvMt Carbine Ore Reserve total

13.85 Mt at 0.15% WO3 (2,120,748 mtu) text

2026-06-30
ar26-bcp-prodBarruecopardo FY2026 WO3 produced

90666 mtu

2026-06-30
ar26-mtc-prodMt Carbine FY2026 WO3 produced

28280 mtu

2026-06-30
ar26-ebitda-conflictFY2025 EBITDA stated in the chair and MD text

-29700000 AUD

2025-06-30
ar25-regalRegal royalty rate on Mt Carbine

3 %

2025-06-30
q1-prodGroup WO3 produced Q1 FY2027

51233 mtu

2026-09-30
q1-priceGroup average realised price Q1 FY2027

2248 USD/mtu

2026-09-30
q1-costGroup cash cost Q1 FY2027 (COGS after inventory movement)

483 USD/mtu

2026-09-30
q1-cashCash 30 September 2026

82384000 AUD

2026-09-30
q1-facilitiesFinancing facilities drawn

29550000 AUD

2026-09-30
q1-guid-prodFY2027 production guidance low

240000 mtu

2027-06-30
q1-guid-prod-hiFY2027 production guidance high

280000 mtu

2027-06-30
q1-guid-capexFY2027 capex guidance

A$80-100 million text

2027-06-30
q1-ocfOperating cash flow Q1 FY2027

75568000 AUD

2026-09-30
q4-prodGroup WO3 produced Q4 FY2026

28315 mtu

2026-06-30
q4-aptFastmarkets APT low price 30 June 2026

2900 USD/mtu

2026-06-30
q3-prodGroup WO3 produced Q3 FY2026

23505 mtu

2026-03-31
q3-priceGroup realised price Q3 FY2026

1004 USD/mtu

2026-03-31
q2-prodGroup WO3 produced Q2 FY2026

38292 mtu

2025-12-31
q1-prod-fy26Group WO3 produced Q1 FY2026

28834 mtu

2025-09-30
q2-priceGroup realised price Q2 FY2026

478 USD/mtu

2025-12-31
q1-price-fy26Group realised price Q1 FY2026

374 USD/mtu

2025-09-30
q4fy25-prodGroup WO3 produced Q4 FY2025

35197 mtu

2025-06-30
q3fy25-prodGroup WO3 produced Q3 FY2025

36322 mtu

2025-03-31
q2fy25-prodGroup WO3 produced Q2 FY2025

42292 mtu

2024-12-31
pres-targetAspirational targeted production

>3,850 t WO3 per year text

2026-07-14
pres-mtc-lifeMt Carbine reserve mine life

8 years

2026-07-14
pres-bcp-lifeBarruecopardo reserve mine life

9 years

2026-07-14
clar-bcp-rsvBarruecopardo reserve underlying LOM at 30 June 2025

13.87 Mt at 0.136% WO3 for 1,890,888 mtu text

2025-06-30
elmet-sharesElmet holding

23652634 shares

2026-06-26
forrest-sharesOaktree shares sold

862131779 shares

2026-07-17
wonongarra-sharesWonongarra holding

941470994 shares

2026-10-22
wonongarra-pctVoting power

18.14 %

2026-10-22
placement-pricePlacement price

0.032 AUD/share

2025-09-03
raise-pricePlacement price

0.05 AUD/share

2025-12-05
hodg-priceConsideration

250000 AUD

2026-06-09
acm-cashCash consideration

900000 AUD

2026-07-10
ref-priceReference close

0.29 AUD/share

2026-10-30
snap-fxAUD per USD

1.4407 AUD/USD

2026-10-30
snap-mcapMarket cap at 5,183,849,476 shares

1503316348 AUD

2026-10-30
Conflicts requiring judgment1
  • FY2025 EBITDA

    The financial review table (and segment note) gives FY2025 EBITDA of negative A$9.5m while narrative text in the same report says negative A$29.7m. The table reconciles to the segment note, so the table value is used.