Announcement • Jun 03
EQ Resources Approves Mt Carbine Expansion Project EQ Resources Ltd. had its Board approve the AUD 39 million Mt Carbine Expansion Project which is expected to be fully commissioned in the Third Quarter Fiscal Year 2027. The Project is designed to increase the crushing capacity from approximately 1 million tonnes per annum to approximately 2 million tonnes per annum whilst streamlining and automating the existing materials handling. The increased crushing capacity is expected to initially increase targeted production by 500 WO3 tonnes per annum based on processing the low grade stock pile with further increased production potentially available from additional ore sources coming from Mt Carbine resource conversion, Wolfram Camp exploration opportunity and other regional sources. Funding of The Project is expected from current and future cash flows generated from Mt Carbine Operations as production ramp up delivers into a record price environment. Board approval enables the Company to progress its development plans for the next stage of its previously announced capacity expansion plan at Mt Carbine, including increased processing capacity and associated infrastructure works. The expanded processing capacity is expected to enable greater throughput of tungsten ore and provide the capacity required to pursue a regional hub-and-spoke model with Wolfram Camp and other potential opportunities in the broader Mt Carbine tungsten district. The Project is also intended to improve plant efficiency by automating and integrating crushing, screening, ore sorting and product crushing into an integrated flow with ore bins, stockpiles and reclaim tunnels. The new circuit will reduce material handling by a factor of eight, reducing mobile equipment requirements and diesel fuel consumption. The expanded capacity is expected to position Mt Carbine to increase production in the near term and improve exposure to the current strong tungsten price environment. The Company recommenced detailed engineering in December 2025 which led to a redesign of The Project and an AACE Class 3 capital cost estimate of AUD 39 million. The approved works includes installation of an upgraded crushing and screening circuit and associated feed, transfer and materials handling infrastructure; installation and integration of an upgraded ore sorting circuit and supporting infrastructure; earthworks, civil and concrete works across staged project work areas; structural, mechanical and piping works required to integrate the upgraded circuit with existing Mt Carbine operations; electrical, instrumentation and control works, together with dry, wet and ore commissioning activities; operational readiness, shutdown and cutover planning, HSE controls and commissioning support to minimise disruption to ongoing operations during execution. The Company has now advanced with project execution and procurement activities, site construction, contract formation and commissioning preparation. The Project is expected to be delivered in stages aligned with future cashflows, procurement commitments and construction readiness to minimise disruption and maintain appropriate safety, environmental and production controls. Detailed engineering is expected to continue through June 2026, with procurement and contracting continuing through the 2026 calendar year. Site works, commissioning, and ramp-up are expected to progress in stages from June 2026 through to February 2027. Full plant acceptance and performance testing is currently targeted for March 2027, subject to procurement, contractor availability, operational interface management and normal project execution risks. The Company expects to fund the Project through a combination of current cash reserves and expected cash flows from operations. EQR
Live News • May 15
EQ Resources Ramps Up Tungsten Output as Shortages Boost Investor Interest EQ Resources is increasing production at its Mt Carbine tungsten mine in Australia, alongside output from its Spanish operations, to supply global tungsten markets facing material shortages.
The company is doubling crushing capacity at Mt Carbine and running drilling programs aimed at extending mine life and upgrading resources.
These moves reinforce EQ Resources’ position as a leading Western producer of tungsten, a metal viewed as important for industrial supply chains, and have coincided with an 11%+ rise in investor interest in the stock.
The focus on higher throughput and resource upgrades indicates that management is emphasizing tungsten’s role as a critical mineral and aiming to build more scale and optionality into its operations.
Key variables to monitor include whether the expanded capacity can be brought online efficiently and how future drilling results affect resource quality, mine life assumptions and the company’s operating risk profile. 
