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EQ Resources Limited
(Sydney:EQR)
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Rating:43Neutral
Price Target:
AU$0.24
â–¼(-7.31% Downside)
Action:Reiterated
Date:07/21/26
The score is held down primarily by weak financial performance—loss-making operations, negative cash flows, and higher leverage. Technicals are moderately supportive with the price above key moving averages, but momentum indicators are mixed. Valuation is also a headwind because negative earnings make the P/E unhelpful and there is no dividend yield provided.
Positive Factors
Revenue Growth
Sustained top-line expansion (35.5% revenue growth metric) indicates the company is scaling project activity and sales capacity. Over 2–6 months this supports project economics improvement, higher utilization of fixed assets and a clearer path to leverage operating scale if margins are addressed.
Negative Factors
Negative profitability
Persistent negative margins across gross, EBIT/EBITDA and net lines indicate the business is not yet translating revenue into sustainable profits. Over months this undermines internal capital generation, constrains reinvestment capacity and increases dependence on external funding to cover operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line expansion (35.5% revenue growth metric) indicates the company is scaling project activity and sales capacity. Over 2–6 months this supports project economics improvement, higher utilization of fixed assets and a clearer path to leverage operating scale if margins are addressed.
Read all positive factors
EQ Resources Limited (EQR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.60B
Dividend YieldN/A
Average Volume (3M)17.53M
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue Growth35.51%
EPS Growth63.30%
CountryAU
Employees259
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding5,158,434,000
10 Day Avg. Volume30,884,979
30 Day Avg. Volume17,525,981
Financial Highlights & Ratios
PEG Ratio-1.34
Price to Book (P/B)2.61
Price to Sales (P/S)1.43
P/FCF Ratio-4.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.51Price Target Upside96.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.07
Revenue Forecast (FY)AU$722.45M
EQ Resources Limited Business Overview & Revenue Model
Company Description
EQ Resources Ltd. engages in mineral exploration, mining evaluation and development. It focuses on the Mt Carbine tungsten mine near Cairns in north Queensland. The company was founded on June 28, 2005 and is headquartered in Mt Carbine, Australia....
How the Company Makes Money
EQR’s primary way of making money is through the sale of tungsten-bearing products produced from its mining/processing activities (i.e., revenue generated when tungsten concentrate or other tungsten products are sold to customers under offtake or ...
EQ Resources Limited Financial Statement Overview
Summary
Income Statement
40
Negative
Balance Sheet
35
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 75.36M | 66.33M | 26.48M | 5.04M | 4.01M | 4.52M |
| Gross Profit | -9.95M | -3.57M | -11.32M | -7.17M | -5.41M | -4.03M |
| EBITDA | -3.03M | -19.65M | -19.49M | -3.11M | -5.98M | -4.56M |
| Net Income | -22.59M | -39.31M | -28.26M | -3.72M | -6.06M | -4.58M |
Balance Sheet | ||||||
| Total Assets | 212.92M | 189.27M | 166.29M | 55.15M | 31.28M | 25.75M |
| Cash, Cash Equivalents and Short-Term Investments | 16.43M | 1.87M | 3.49M | 6.15M | 1.72M | 3.50M |
| Total Debt | 44.83M | 64.77M | 45.72M | 7.23M | 6.53M | 949.31K |
| Total Liabilities | 115.21M | 152.98M | 109.66M | 38.84M | 16.96M | 9.02M |
| Stockholders Equity | 97.71M | 36.29M | 56.63M | 16.30M | 14.32M | 16.73M |
Cash Flow | ||||||
| Free Cash Flow | -33.68M | -19.20M | -27.24M | -8.77M | -9.56M | -5.87M |
| Operating Cash Flow | -29.25M | -16.92M | -12.70M | -1.39M | -3.11M | -3.82M |
| Investing Cash Flow | -9.43M | -11.38M | -18.90M | -10.96M | -6.44M | -2.03M |
| Financing Cash Flow | 52.53M | 26.76M | 21.56M | 16.01M | 7.79M | 6.39M |
EQ Resources Limited Technical Analysis
Positive
0.26
Price Trends
0.27
Positive
0.28
Positive
0.21
Positive
Market Momentum
0.01
Negative
56.14
Neutral
51.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EQR, the sentiment is Positive. The current price of 0.26 is below the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.27, and above the 200-day MA of 0.21, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 56.14 is Neutral, neither overbought nor oversold. The STOCH value of 51.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:EQR.
EQ Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$1.31B | -51.19 | -3.17% | ― | ― | 81.58% | |
43 Neutral | AU$1.60B | -41.56 | -33.71% | ― | 35.51% | 63.30% | |
43 Neutral | AU$509.30M | 0.41 | 154.06% | ― | ― | ― | |
43 Neutral | AU$1.30B | -5.83 | -8.07% | ― | -3.54% | -49.86% | |
42 Neutral | AU$1.15B | -36.19 | -10.17% | ― | -100.00% | 59.85% | |
42 Neutral | AU$468.89M | -42.44 | -4.22% | ― | ― | 56.94% |
* Basic Materials Sector Average
AU:EQR
EQ Resources Limited
0.31
0.27
761.11%
AU:ARU
Arafura Resources
0.22
>-0.01
-2.27%
AU:CXO
Core Lithium Ltd
0.38
0.25
188.46%
AU:EUR
European Lithium
0.30
0.20
209.28%
AU:GLN
Galan Lithium Limited
0.39
0.25
175.00%
AU:VUL
Vulcan Energy Resources Ltd.
2.95
-0.19
-5.96%
EQ Resources Limited Corporate Events
EQ Resources Discloses Final Director Interest After Layton Exit
Jul 31, 2026
EQ Resources Limited has notified the ASX that non-executive director Stephen Layton ceased to be a director on 31 July 2026, triggering a final disclosure of his interests in the company’s securities. The filing details his substantial indi...
EQ Resources Announces Board Change Amid Growth in Tungsten Operations
Jul 31, 2026
EQ Resources Limited, a global tungsten producer listed on the ASX, operates key mining projects at Mt Carbine in North Queensland and Barruecopardo in Spain. The company emphasizes sustainable mining practices and advanced processing technologies...
EQ Resources Seeks ASX Quotation for 1.26 Million New Shares
Jul 30, 2026
EQ Resources Limited has lodged a new application with the Australian Securities Exchange for the quotation of additional ordinary fully paid shares. The company is seeking quotation for 1,258,410 EQR securities, which were issued on July 29, 2026...
EQ Resources Targets U.S. Exchange Listing to Tap Critical Minerals Demand
Jul 28, 2026
EQ Resources Limited, a global tungsten producer listed on the Australian Securities Exchange, operates major projects at Mt Carbine in Queensland and Barruecopardo in Spain. The company targets sustainable mining and advanced processing to capita...
EQ Resources posts record quarter and advances tungsten expansion plans
Jul 27, 2026
EQ Resources reported a sharp uplift in financial performance for the June quarter, posting record operating cash flow of A$22.5 million and revenue of A$79 million as group tungsten production rose 20% to 28,315 mtu. Year-end procedures also unco...
EQ Resources appoints new company secretary and relocates Brisbane head office
Jul 22, 2026
EQ Resources Limited, a globally active tungsten producer listed on the ASX, is advancing sustainable mining and processing at its Mt Carbine and Barruecopardo projects as it seeks to strengthen its role in the critical minerals market. The compan...
EQ Resources Trims Derivative Securities as ASX Options Cease
Jul 22, 2026
EQ Resources Limited has notified the market of the cessation of two tranches of listed options, as set out in its Appendix 3H filing to the ASX. The company reported that 247,980 options expiring in March 2029 with a $0.15 exercise price and 63,6...
EQ Resources Issues New Shares and Pursues Expansion Around Mt Carbine
Jul 22, 2026
EQ Resources Limited has issued 4,388,383 new fully paid ordinary shares, comprising 4,000,000 shares from exercised options and 388,383 shares from cashless option exercises under its Employee Incentive Plan. The company has confirmed compliance ...
EQ Resources Seeks ASX Quotation for 4.4 Million New Shares
Jul 22, 2026
EQ Resources Limited is an ASX-listed resources company whose ordinary fully paid shares trade under the ticker EQR, giving institutional and retail investors exposure to mining-related assets through the Australian Securities Exchange. The compan...
EQ Resources Reports Lapse of 1.29 Million Listed Options
Jul 15, 2026
EQ Resources Limited has notified the ASX of changes to its issued capital, specifically the cessation of a tranche of listed options. The announcement, dated July 15, 2026, reflects the company’s compliance with disclosure obligations regar...
EQ Resources Seeks ASX Quotation for 30 Million Shares Tied to Mt Carbine Expansion
Jul 13, 2026
EQ Resources Limited has applied to the ASX for quotation of 30,000,000 new ordinary fully paid shares, issued on July 10, 2026. The securities were created in connection with a recently closed transaction that increases the company’s Mt Car...
EQ Resources Issues New Shares and Pursues North Queensland Tenement Expansion
Jul 10, 2026
EQ Resources Limited has issued 1,654,167 fully paid ordinary shares from the exercise of options at prices of $0.10 and $0.0675, and has lodged the required cleansing notice confirming compliance with key disclosure obligations under the Corporat...
EQ Resources Expands Mt Carbine Tungsten Tenure with Strategic Acquisition
Jul 10, 2026
EQ Resources has completed the acquisition of Aus Critical Minerals and TTTP1, adding roughly 353km² of tungsten-focused tenure and applications in the Mareeba district of Far North Queensland. The transaction lifts its Mt Carbine district te...
EQ Resources Rides Record Tungsten Prices to Strong Quarter
Jul 8, 2026
EQ Resources reported a sharp operational uplift in the June quarter, with Mt Carbine delivering its highest output since early FY2024 and boosting material movement and ore mining as access to the Iolanthe Vein improved. At Barruecopardo, the com...
EQ Resources Seeks ASX Quotation for 375,000 New Shares
Jul 7, 2026
EQ Resources Limited has applied for ASX quotation of 375,000 ordinary fully paid shares, issued on July 7, 2026, under its existing ticker EQR. The modest new share issuance expands the company’s tradable equity base, offering incremental l...
EQ Resources expands Mt Carbine tungsten footprint with strategic tenure acquisition
Jul 6, 2026
EQ Resources Limited has agreed to acquire Aus Critical Minerals Pty Ltd and TTTP1 Pty Ltd, securing tungsten‑focused tenements surrounding its Mt Carbine operation in Far North Queensland. The deal, priced at A$900,000 in cash plus 30 milli...
EQ Resources Issues New Shares and Signals Ongoing Growth Strategy in Tungsten
Jul 6, 2026
EQ Resources Limited has issued 1,259,770 new fully paid ordinary shares, primarily through the exercise of employee options, and has confirmed compliance with its continuous disclosure and financial reporting obligations under the Corporations Ac...
EQ Resources Confirms Expiry of Listed Options
Jul 6, 2026
EQ Resources Limited has notified the ASX of the cessation of a tranche of listed options. The affected securities are EQRAO options, which were scheduled to expire on July 3, 2026, and have now formally ceased.A total of 206,897 EQRAO options, ex...
EQ Resources Seeks ASX Quotation for New Share Issue
Jul 6, 2026
EQ Resources Limited is an Australian-listed company focused on the development and operation of resource projects, with its ordinary fully paid shares traded on the ASX under the ticker EQR. The company’s securities activity reflects its pa...
EQ Resources Issues New Shares and Pursues Expansion Around Mt Carbine
Jun 30, 2026
EQ Resources has issued 4,175,542 new fully paid ordinary shares, comprising 3,150,000 shares from option exercises at $0.0675 each and 1,025,542 shares from cashless option exercises under its Employee Incentive Plan. The issuance was conducted w...
EQ Resources Updates Market on Cessation of Listed Options
Jun 30, 2026
EQ Resources Limited has notified the market of the cessation of certain listed options, formally updating its issued capital structure. The company reported that 344,828 EQRAO options expiring July 3, 2026, and 129,630 EQRAS options expiring Nove...
EQ Resources Seeks ASX Quotation for Newly Issued Shares
Jun 30, 2026
EQ Resources Limited is an Australian-listed resources company whose ordinary fully paid shares trade on the ASX under the code EQR. The company operates within the framework of Australian corporate regulation and ASX Listing Rules, which govern i...
Elmet Lifts Stake in EQ Resources to Bolster Western Tungsten Supply Chain
Jun 25, 2026
EQ Resources has welcomed an increased strategic investment from U.S.-based Elmet Group, which has exercised its option to acquire 20 million EQ Resources shares, lifting its holding to 23,652,634 ordinary shares. Elmet, a provider of precision-en...
EQ Resources Issues New Shares After Option Exercise, Confirms Regulatory Compliance
Jun 24, 2026
EQ Resources Limited, a tungsten-focused miner with operations in Australia and Spain, is expanding its portfolio of critical mineral assets with an emphasis on advanced processing technology and sustainable practices. The company targets growth i...
EQ Resources Seeks ASX Quotation for Additional 300,000 Shares
Jun 24, 2026
EQ Resources Limited has applied to the ASX for quotation of 300,000 ordinary fully paid shares, issued on 23 June 2026 as part of its ongoing capital management activities. The additional quotation modestly expands the company’s traded equi...
EQ Resources Issues New Shares via Option Exercises and Confirms Regulatory Compliance
Jun 23, 2026
EQ Resources Limited has issued 1,507,406 fully paid ordinary shares, comprising 500,000 shares from the cash exercise of options at $0.10 and 1,007,406 shares from the cashless exercise of options granted under its Employee Incentive Plan. The co...
EQ Resources Seeks ASX Quotation for 1.5 Million New Shares
Jun 23, 2026
EQ Resources Limited has applied to the Australian Securities Exchange for the quotation of 1,507,406 new ordinary fully paid shares, issued on 22 June 2026 under the code EQR. The application, lodged as an Appendix 2A, confirms the formal listing...
EQ Resources Begins Water Transfer to Unlock High-Grade Ore at Barruecopardo
Jun 16, 2026
EQ Resources has advanced key water management works at its Barruecopardo tungsten mine in Spain, completing a Northern In-Pit Sump and starting to pump water from the lower pit. This infrastructure is designed to control pit water levels and rest...
EQ Resources Issues 1.5 Million Shares on Option Exercise
Jun 9, 2026
EQ Resources Limited has issued 1.5 million fully paid ordinary shares following the exercise of options at an issue price of $0.07 per share. The shares were issued without a prospectus, with the company relying on provisions of the Corporations ...
EQ Resources Seeks ASX Quotation for 1.5 Million New Shares
Jun 9, 2026
EQ Resources Limited has applied to the ASX for quotation of 1.5 million new ordinary fully paid shares, issued on June 5, 2026. The shares arise from the exercise or conversion of existing options or other convertible securities, modestly increas...
Sunshine Metals Sells Hodgkinson Project to Refocus on Core Queensland Gold Assets
Jun 9, 2026
Sunshine Metals has agreed to sell its non-core Hodgkinson Project in Queensland to EQ Resources for a total cash consideration of $250,000, with completion expected by August 2026 subject to regulatory and third-party consents. The deal will see ...
EQ Resources buys Hodgkinson tenements to bolster Mt Carbine hub strategy
Jun 9, 2026
EQ Resources has agreed to acquire the Hodgkinson tenement package from Sunshine (Triumph) Pty Ltd, a Sunshine Metals subsidiary, in a deal valued at A$250,000. The six exploration permits, located adjacent to the company’s Mt Carbine mine i...
EQ Resources Issues 65.9 Million Unquoted Options Under Employee Incentive Plan
Jun 2, 2026
EQ Resources Limited has notified the market of the issue of 65,875,000 unquoted options under an employee incentive scheme, each exercisable at $0.15 and expiring on 9 January 2029. The options, issued on 28 May 2026, are not intended to be quote...
UBS Group Exits Substantial Holder Position in EQ Resources
Jun 2, 2026
UBS Group AG and its related bodies corporate have lodged a notice stating they have ceased to be a substantial holder in EQ Resources Limited as of 29 May 2026. The move reflects a reduction in UBS’s voting power below the substantial holdi...
EQ Resources issues new shares on option exercise, affirms regulatory compliance
May 28, 2026
EQ Resources Limited has strengthened its capital base with the issue of 500,000 fully paid ordinary shares following the exercise of options at $0.0675 per share. The company confirmed that these shares were issued without a prospectus under the ...
EQ Resources Seeks ASX Quotation for 500,000 New Shares
May 28, 2026
EQ Resources Limited has applied to the Australian Securities Exchange for quotation of 500,000 ordinary fully paid shares, issued on 28 May 2026 under the code EQR. The additional securities arise from the exercise or conversion of existing optio...
EQ Resources Issues New Shares via Option Exercise Under Cleansing Notice
May 25, 2026
EQ Resources has issued 1,250,000 fully paid ordinary shares following the exercise of options at an issue price of $0.0675, confirming that the new shares were issued without a prospectus under the relevant exemption in the Corporations Act. The ...
EQ Resources Seeks ASX Quotation for 1.25 Million New Shares
May 25, 2026
EQ Resources Limited has applied for quotation of 1,250,000 new ordinary fully paid shares on the ASX, with an issue date of May 22, 2026. The new securities arise from the exercise or conversion of existing options or other convertible securities...
EQ Resources Updates Market on Cessation of Listed Options
May 22, 2026
EQ Resources Limited has notified the market of the cessation of certain listed options, detailing that 684,659 options expiring in July 2026 with an exercise price of $0.10 and 428,572 options expiring in November 2027 with an exercise price of $...
EQ Resources Seeks ASX Quotation for 2.1 Million New Shares
May 22, 2026
EQ Resources Limited has applied for quotation on the ASX of 2,096,769 new ordinary fully paid shares, with an issue date of 20 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible secu...
EQ Resources Seeks ASX Quotation for 5.4 Million New Shares
May 22, 2026
EQ Resources Limited has applied to the ASX for quotation of 5,401,667 new ordinary fully paid shares, following the exercise of options or conversion of other securities. The new shares, issued on May 20, 2026, modestly expand the company’s...
EQ Resources Issues 17.6 Million Unquoted Performance Rights Under Incentive Plan
May 13, 2026
EQ Resources Limited has notified the market of the issue of 17,590,000 unquoted performance rights under an employee incentive scheme, with an issue date of 12 May 2026. These securities are not intended to be quoted on the ASX, indicating the co...
EQ Resources Options Lapse Trims Derivative Pool
May 12, 2026
EQ Resources Limited has reported the cessation of a tranche of listed options, with 235,295 EQRAO options expiring on 12 May 2026. The expiry of these options slightly reduces the company’s pool of outstanding derivative securities, margina...
EQ Resources Issues New Shares Under Employee Incentive Plan
May 12, 2026
EQ Resources Limited has issued 364,705 fully paid ordinary shares through the cashless exercise of options under its Employee Incentive Plan, without requiring a prospectus disclosure under Australian corporations law. The company confirmed its c...
EQ Resources Seeks ASX Quotation for 364,705 New Shares
May 12, 2026
EQ Resources Limited has applied to the ASX for quotation of 364,705 new ordinary fully paid shares, with an issue date of May 12, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instr...
EQ Resources Issues New Shares on Option Exercise, Confirms Regulatory Compliance
May 7, 2026
EQ Resources Limited, a tungsten-focused mining company listed on the ASX, concentrates on developing its Mt Carbine project in Australia and Barruecopardo project in Spain. The company aims to build a globally significant position in the critical...
EQ Resources Seeks ASX Quotation for 625,000 New Shares
May 7, 2026
EQ Resources Limited has applied to the ASX for quotation of 625,000 new ordinary fully paid shares, issued on 6 May 2026. The move modestly increases the company’s listed share capital and reflects the ongoing use of equity issuance mechani...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.