EQ Resources Limited (ASX: EQR) reported robust Q1 FY2025 results, driven by record tungsten production at its Mt Carbine (Australia) and Saloro (Spain) operations. Mt Carbine achieved 26,028 mtu production, transitioning to an owner-operator model to reduce costs and boost efficiency, while drilling confirmed high-grade ore in Open Pit Stage II. Saloro produced 27,965 mtu, implemented processing improvements, and initiated new phases at the Barruecopardo mine.
EQR recorded AU$21.2 Million in operational cash receipts, with a closing cash balance of AU$3.4 Million. The company acquired full ownership of Mt Carbine by purchasing its JV stake from Cronimet and secured a strategic offtake agreement with Elmet Technologies. Operational highlights include new mining equipment, expanded ore sorting, and significant improvements in recovery. EQR also received a Queensland government grant for trialing ore sorting at Wolfram Camp. With sustainable practices and expansion initiatives, EQR aims to become a key global tungsten supplier.
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