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EQ Resources Limited ( (AU:EQR) ) just unveiled an announcement.
EQ Resources reported a strong December quarter, driven by surging tungsten prices and record operational performance at its Barruecopardo and Mt Carbine mines. Global tungsten market tightness continued, with ammonium paratungstate prices nearly 50% higher quarter-on-quarter and Chinese prices remaining above European levels, underscoring a structural supply deficit. Barruecopardo delivered record mining, crushing and sorting volumes and its second-highest quarterly concentrate output of 32,408 mtu, generating about A$14 million in free operating cash flow and supporting higher realised prices and lower unit costs across the group. At Mt Carbine, record blasting and mining advanced the South Wall cutback and ramp development, keeping the operation on track to access the higher-grade Iolanthe vein in the next quarter, a key step for future production and margins. The company also strengthened its balance sheet through a A$34 million equity raising and the planned conversion of pre-royalty debt to equity, while refinancing and reducing Spanish debt, cutting current liabilities by A$24.45 million. Group operating cash flow turned positive at A$1.15 million, cash receipts from sales rose 49% to A$21.8 million, and EQ Resources ended the quarter with A$22 million in cash and additional undrawn facilities, positioning the company to fund growth projects and improve financial resilience.
The most recent analyst rating on (AU:EQR) stock is a Sell with a A$0.10 price target. To see the full list of analyst forecasts on EQ Resources Limited stock, see the AU:EQR Stock Forecast page.
More about EQ Resources Limited
EQ Resources Limited is a tungsten-focused mining company with operations at the Barruecopardo mine in Spain and the Mt Carbine project in Australia. The group produces tungsten concentrate for industrial customers, leveraging ore sorting and gravity processing technologies and targeting growing demand for critical minerals in Western and Chinese markets.
Average Trading Volume: 25,345,256
Technical Sentiment Signal: Buy
Current Market Cap: A$490.2M
For a thorough assessment of EQR stock, go to TipRanks’ Stock Analysis page.