EQ Resources LimitedE
EQ Resources Limited (ASX: EQR) is Australia's only primary tungsten producer and, following its acquisition of Saloro SLU (owner of the Barruecopardo mine in Spain), operates TWO producing tungsten mines -- the only ASX-listed pure-play tungsten miner with genuine multi-mine, multi-continent scale. Mt Carbine (100%-owned, acquired June 2019) is an open-pit mine plus a substantial low-grade tungsten stockpile, using XRT ore-sorting technology to process ore at grades as low as 0.075% WO3; the company's FY2025 Annual Report recorded a material Ore Reserve increase to 14.80 Mt at 0.147% WO3 (2,178,765 mtu contained WO3) as of 30 June 2025. Barruecopardo (acquired by EQR in a transaction completing in late 2023/2024; first EQR-era Ore Reserve Statement released 29 October 2024) is one of Europe's only primary tungsten mines, with an Ore Reserve of 9.04 Mt at 0.150% WO3 (1,355,608 mtu contained WO3) as of 30 June 2025. Both mines are benefiting materially from a global tungsten price surge and Western supply-chain diversification away from China -- EQR reported record monthly revenue of A$55.1M in August 2026 with quarterly Mt Carbine output of 13,050 mtu WO3 in Q4 FY26. The company also holds early-stage regional exploration ground (Wolfram Camp, Queensland) and a minority stake in a separate Nevada, USA tungsten restart venture.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Jun 2017 · Source
- Oct 2017 · Source
- Jan 2019 · Source
- Jul 2019 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)9/10
Queensland: Fraser PPI 2025 is 82.72 of 100 (rank 18 of 68), which maps to 9 on this site's scale. Both operating mines are in low-risk jurisdictions: Mt Carbine in Far North Queensland, Australia, and Barruecopardo in Castilla y Leon, Spain, an EU member with comparable rule of law. No material jurisdiction risk has been identified at either mine.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Mt Carbine Tungsten Mine (Queensland, Australia) + Barruecopardo Tungsten Mine (Castilla y Leon, Spain) (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Blackjack (Charters Towers) (Native Mineral Resources Holdings Limited), 412 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Blackjack (Charters Towers) (Native Mineral Resources Holdings Limited), 412 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Independent Non-Executive Chair of EQ Resources Limited, appointed effective 31 Mar 2026.
Non-Executive Director of EQ Resources Limited.
Non-Executive Director of EQ Resources Limited.
Non-Executive Director of EQ Resources Limited.
Managing Director & CEO of EQ Resources Limited, a global tungsten producer operating the Mt Carbine (North Queensland) and Barruecopardo (Spain) tungsten mines. Previously CEO of Masan High-Tech Materials, which operates the Nui Phao tungsten mine, one of the world's largest tungsten operations.
Independent Non-Executive Director of EQ Resources Limited, appointed effective 25 Aug 2026. 30+ years in mining across operational leadership, strategy, business development, project development and technical governance.
Non-Executive Director of EQ Resources Limited, formalised effective 26 Aug 2026 (Constandinos 'Taki' Dermedgoglou).
CFO of EQ Resources Limited (Jonathan Kort).
Head of Operational Excellence at EQ Resources Limited; transitioned from CEO in April 2025.
General Counsel & Company Secretary of EQ Resources Limited.
General Manager Discovery and Growth at EQ Resources Limited (Dr Mark Lindsay).
General Manager Sales & Marketing at EQ Resources Limited.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
EQ Resources is Australia's only primary tungsten producer and operates two tungsten mines: the 100%-owned Mt Carbine open pit and low-grade stockpile in Queensland, which uses XRT ore-sorting, and the Barruecopardo mine in Castilla y León, Spain, acquired with Saloro SLU. Its annual statements as at 30 June 2026 give combined measured and indicated resources of 85,362 t of WO3 (12,143 t measured, 73,219 t indicated) plus 44,196 t inferred. Ore reserves reported at 30 June 2025 were 14.80 Mt at 0.147% WO3 at Mt Carbine and 9.04 Mt at 0.150% WO3 at Barruecopardo. Mt Carbine produced 13,050 mtu of WO3 in the June 2026 quarter, and EQR reported record monthly revenue of A$55.1M in August 2026 amid a rise in tungsten prices. The company also holds exploration ground at Wolfram Camp in Queensland and a minority stake in a tungsten restart venture in Nevada.