Highlights

  • EQ Resources closed at AUD 0.28 on 6 November 2026, down 9.68% and up 600% over the year.
  • September-quarter Revenue reached AUD 158.8 million, increasing 101% QoQ.
  • FY27 production guidance is 240,000–280,000 metric tonne units, with Capital Expenditure of AUD 80–100 million.

EQ Resources Limited (ASX:EQR) produces tungsten through operations at Mt Carbine in Queensland and Barruecopardo in Spain. Its September 2026 Quarterly Report described higher output, improved realised prices and an expansion program. Shares closed at AUD 0.28 on 6 November 2026, down 9.68% for the session and up 600% over the year, as attention turns to delivery against newly established FY27 guidance.

Production and prices lift the September result

EQ Resources (ASX:EQR) reported September-quarter revenue of AUD 158.8 million, up 101% from AUD 79 million in the June quarter. Quarterly EBITDA was AUD 122.5 million and net profit after tax was AUD 114 million; both figures were unaudited.

Tungsten production increased 81% QoQ to 51,233 metric tonne units, compared with 28,315 units in Q4 FY26. A metric tonne unit represents 10 kilograms of contained tungsten trioxide. Sales increased 69% to 49,715 units, providing a separate measure of material sold rather than produced.

The average realised price increased 20% QoQ to USD 2,248 per unit. Group cash cost was USD 483 per unit, down from USD 711. EQ Resources (ASX:EQR) defines this cash-cost measure as Cost of Goods Sold after inventory movements, making that accounting basis relevant when assessing the improvement.

Operating cash supports an expanded capital program

Operating cash inflow was AUD 75.6 million for the quarter. The cash movement summary showed closing cash of AUD 82.4 million, alongside AUD 51.5 million in accounts receivable. Receivables represent amounts awaiting collection rather than additional cash already in the bank.

EQ Resources (ASX:EQR) reported that its AUD 39 million Mt Carbine automation and expansion project remained on track for commissioning in Q3 FY27. Resource and reserve drilling also advanced, with updated estimates for Barruecopardo, Mt Carbine and Wolfram Camp targeted for FY27.

The company secured a 10% interest in a United States tungsten-processing joint venture intended to restart the Springer plant in Nevada. That project adds a processing development exposure alongside the existing Mining operations. Planned restarts and resource updates remain future milestones rather than completed operating outcomes.

FY27 guidance creates measurable delivery tests

EQ Resources (ASX:EQR) established FY27 production guidance of 240,000–280,000 metric tonne units. Cash-cost guidance was AUD 595–691 per unit produced, with capital expenditure expected at AUD 80–100 million. These are management targets for the financial year rather than guaranteed results.

The next assessment will compare production, costs and expansion delivery with those ranges. Commissioning timing matters because the Mt Carbine project forms part of the planned operating expansion. Actual capital spending will also influence how much of the quarter-end cash balance remains available.

Changes in tungsten prices, recoveries and ore availability could affect subsequent revenue and margins. The company’s operating sites also require continuing safety and environmental management. Quarterly performance should therefore be evaluated alongside execution of the broader program, rather than extrapolated directly into a full-year result.

Key Insights

EQ Resources (ASX:EQR) combines a 600% annual share-price gain with higher September production, revenue and operating cash flow. The next tests are achieving FY27 output and cost targets while delivering the expansion within the intended timetable. The latest unaudited Earnings provide operating evidence, while pricing and project execution remain material variables.