EQ Resources Limited (ASX:EQR) has reported record quarterly Revenue and a sharp rise in cash for the three months to 30 September 2026, as production increased at both its Spanish and Australian tungsten operations, according to a production and financial update released on 6 October 2026.

The company said cash on hand at 30 September 2026 was A$82.3 million, an increase of 192% quarter-on-quarter. The two-page release does not break down the drivers of that movement.

Group results

Consolidated production totalled 51,233 metric tonne units (mtu), the measure in which tungsten concentrate is typically priced, an increase of 81% on the previous quarter. The company described this as "the second highest quarterly production performance on record".

Consolidated sales volumes were 49,715 mtu, generating what the company called "a record revenue of A$158.8 million for the quarter", up 101% quarter-on-quarter. The average realised price was US$2,248 per mtu, a 20% quarter-on-quarter increase.

By operation

At Barruecopardo in Salamanca Province, Spain, the company reported record production of 34,088 mtu, up 123% quarter-on-quarter. Sales totalled 33,147 mtu at an average realised price of US$2,333 per mtu, up 32%.

At Mt Carbine in North Queensland, production was 17,145 mtu, up 31% quarter-on-quarter, with sales of 16,568 mtu at an average realised price of US$2,110 per mtu, up 6%.

On these figures, Barruecopardo accounted for roughly two-thirds of group production in the quarter and achieved the higher realised price of the two operations.

Limitations of the update

The release is a brief production and revenue update rather than a full quarterly activities and cash-flow report. It does not disclose operating costs, margins, Debt or guidance, so the document alone does not allow an assessment of profitability. It carries a footnote stating that certain figures are "Subject to final assays and reconciliation". Tungsten prices can move significantly, and the company's forward-looking statements disclaimer identifies Commodity price volatility, regulatory changes and operational uncertainty among the risks.

The update was released on the authority of the Board by Managing Director Craig Bradshaw. EQ Resources describes itself as a global tungsten producer with Mining activities in Australia and Spain, and says it aims to become a globally leading supplier of the critical mineral.