EQ Resources enters into an agreement to acquire Mt Carbine retreatment joint venture interest

EQ Resources Limited (ASX: EQR) announced that it has finalized a deal with CRONIMET Asia Pte Ltd and CRONIMET Australia Pty Ltd to acquire CR Australia's joint venture interest in the Mt Carbine Retreatment Joint Venture. This Agreement formalizes the binding Heads of Agreement made in October 2023, subject to the parties' financial and legal due diligence.

As part of the JV arrangement, CR Asia prepaid an initial sum of US$3.5 million, subsequently increased by an additional US$3 million, for a long-term offtake agreement for 25,000 tonnes of tungsten concentrate from the Mt Carbine Tungsten Operation. Additionally, CR Australia loaned US$2.2 million in working capital to the JV and a further US$3.2 million in equipment leases, including one XRT Ore Sorter and various material handling equipment.

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