EQ Resources (ASX:EQR) Delivers Record Revenue of A$158.8 Million in Q1 FY27

Aditi Sarkar

28 October 2026 05:03 PM AEDT

EQ Resources (ASX:EQR) Delivers Record Revenue of A$158.8 Million in Q1 FY27

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Highlights

Revenue reached a record A$158.8 million, up 101% on the previous quarter.
Production rose 81% to 51,233 mtu, while cash costs fell 30% to US$483/mtu.
Unaudited EBITDA was A$122.5 million, with record operating cash flow of A$75.6 million.
FY2027 production guidance was initiated at 240,000–280,000 mtu.

EQ Resources Limited (ASX:EQR) has released its quarterly activities report for the period ended 30 September 2026, reporting record financial and operational results. The tungsten producer also issued FY2027 guidance for the first time.

Record Financial Results

Revenue rose 101% to a record A$158.8 million, compared with A$79 million in the June quarter. Unaudited EBITDA was A$122.5 million, and unaudited net profit after tax was A$114 million.

Operating cash flow reached a record A$75.6 million, and cash at quarter end was about A$82.4 million. The average realised price rose 20% to US$2,248/mtu, while cash costs fell 30% to US$483/mtu.

Barruecopardo and Mt Carbine Operations

At Barruecopardo in Spain, operations moved to full ore production after mining resumed at the pit bottom in July. WO3 production reached a record 34,088 mtu, and the ROM stockpile grew to 669,541t, providing a buffer for the wet season.

At Mt Carbine in Australia, material extracted reached a record 1,185,113t and WO3 production rose 31% to 17,145 mtu. Recovery improved from 73.7% in July to 84.0% in September. Group sales rose 69% to 49,715 mtu.

Growth Projects and FY2027 Guidance

The A$39 million Mt Carbine Processing Plant Expansion is on track and on budget for commissioning in Q3 FY2027, roughly doubling crushing capacity to about 2Mtpa. Drilling at Mt Carbine totalled 17,233m, with assays pending, and an 8,000m program is planned at Wolfram Camp. EQ also secured a 10% interest in a US tungsten processing joint venture to restart the Springer APT plant in Nevada.

FY2027 guidance is for production of 240,000–280,000 mtu, cash costs of A$595–691/mtu and capital expenditure of A$80–100 million. The company will no longer provide monthly performance updates.

Key Takeaways

EQ Resources posted record revenue, earnings and operating cash flow.
Higher production, higher prices and lower costs drove the result.
The Mt Carbine expansion is on track for Q3 FY2027 commissioning.
First-time FY2027 guidance gives investors a clearer production outlook.

FAQs

Q: What was EQ Resources' quarterly revenue?

A: A record A$158.8 million, up 101% on the previous quarter.

Q: How much tungsten did EQ produce?

A: 51,233 mtu, up 81%.

Q: What is FY2027 production guidance?

A: 240,000–280,000 mtu.

Q: What is the Mt Carbine expansion?

A: An A$39 million project to roughly double crushing capacity, due for commissioning in Q3 FY2027.

Q: What were cash costs?

A: US$483/mtu, down 30% on the previous quarter.

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