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. Price Target Changed • Apr 07
Price target increased by 16% to AU$0.36 Up from AU$0.32, the current price target is an average from 2 analysts. New target price is 5.8% above last closing price of AU$0.34. Stock is up 721% over the past year. The company posted a net loss per share of AU$0.017 last year. Announcement • Mar 24
EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 34 million. EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 34 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 670,000,000
Price\Range: AUD 0.05
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.001
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 15
First half 2026 earnings released: AU$0.002 loss per share (vs AU$0.012 loss in 1H 2025) First half 2026 results: AU$0.002 loss per share (improved from AU$0.012 loss in 1H 2025). Revenue: AU$44.0m (up 26% from 1H 2025). Net loss: AU$6.96m (loss narrowed 71% from 1H 2025). Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 80% per year, which means it is well ahead of earnings. New Risk • Mar 14
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$34m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$34m). Share price has been volatile over the past 3 months (18% average weekly change). New Risk • Mar 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (106% increase in shares outstanding). Announcement • Dec 05
EQ Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 34 million. EQ Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 34 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 670,000,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.001
Transaction Features: Subsequent Direct Listing New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 56% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Oct 27
EQ Resources Limited, Annual General Meeting, Nov 27, 2025 EQ Resources Limited, Annual General Meeting, Nov 27, 2025. Reported Earnings • Oct 01
Full year 2025 earnings released: AU$0.017 loss per share (vs AU$0.017 loss in FY 2024) Full year 2025 results: AU$0.017 loss per share (in line with FY 2024). Revenue: AU$67.8m (up 147% from FY 2024). Net loss: AU$39.3m (loss widened 39% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 60% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$106.2m market cap, or US$70.1m). Announcement • Sep 03
EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 22.5 million. EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 22.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 570,245,602
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 132,879,398
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Transaction Features: Subsequent Direct Listing New Risk • Aug 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 60% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$111.3m market cap, or US$72.5m). Announcement • Jul 08
EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million. EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 114,285,719
Price\Range: AUD 0.035
Discount Per Security: AUD 0.0021
Transaction Features: Subsequent Direct Listing New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (AU$131.2m market cap, or US$86.4m). Announcement • Jun 30
EQ Resources Limited Announces Retirement of Mr. Richard Morrow as Non-Executive Director, Effective 30 June 2025 EQ Resources Limited announced that Mr. Richard Morrow has notified the Board of his decision to retire as a Non-Executive Director, effective 30 June 2025. Mr. Morrow has served on the Board since March 2021, contributing more than four years of dedicated service to the Company. During his tenure, Mr. Morrow has played a valuable role in supporting the Company's strategic direction and governance framework. New Risk • May 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 60% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (AU$94.1m market cap, or US$60.7m). Announcement • May 05
EQ Resources Limited Appoints Jonathan Kort as Chief Financial Officer, Effective June 1, 2025 EQ Resources Limited announced the appointment of Mr. Jonathan ("Jono") Kort as Chief Financial Officer commencing June 1, 2025. As CFO, Jono will be responsible for all finance, investor relations, treasury, capital management, strategic planning, tax, risk management, and governance matters, ensuring that the financial operations of the Company support the delivery of EQR's strategic plans and initiatives. Jono will also be a member of EQR's Global Leadership Team. Jono is an experienced global executive whose career has spanned listed and private companies in resources and infrastructure. His most recent roles include Chief Development Officer ("CDO") and CFO at PanAust Limited. Jono has held several financial, commercial, and risk management leadership roles at BHP, Coronado Global Resources, and Wiggins Island Coal Export Terminal. Jono has worked for more than 20 years in the mining industry across several commodities and jurisdictions. Jono is a Chartered Accountant Australia and New Zealand and holds a Master of Science in Mineral Economics. Announcement • Apr 01
Oliver Kleinhempel Accept the Role of Executive Chairman of EQ Resources Limited from 1 April 2025 EQ Resources Limited announced that current Non-Executive Chairman, Mr. Oliver Kleinhempel, has agreed to accept the role of Executive Chairman from 1 April 2025. This appointment has been made on an interim basis until a new CEO/MD is appointed at which time it is intended that the Chairman's role reverts to a Non-Executive position. Mr. Kleinhempel has made a significant contribution to the strategic direction of EQR since 2019 and his vision has enabled the development of Mt Carbine into an operating mine and the acquisition of the Saloro operation in Spain. In his role as Executive Chairman, Mr. Kleinhempel's main responsibilities will include directing strategy and capital management as well as his existing Board responsibilities. Reported Earnings • Mar 17
First half 2025 earnings released: AU$0.012 loss per share (vs AU$0.005 loss in 1H 2024) First half 2025 results: AU$0.012 loss per share (further deteriorated from AU$0.005 loss in 1H 2024). Revenue: AU$34.8m (up 476% from 1H 2024). Net loss: AU$23.7m (loss widened 203% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$26m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$100.4m market cap, or US$63.5m). New Risk • Feb 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 56% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$98.1m market cap, or US$61.6m). Announcement • Jan 22
EQ Resources Limited Announces Resignation of Andrew Mooney as Chief Financial Officer, Effective 3 February 2025 EQ Resources Limited advised that Mr. Andrew Mooney has tendered his resignation as Chief Financial Officer with the Company to pursue a new opportunity. Andrew's last day with the Company will be 3 February 2025. As previously announced, the Board of Directors has commenced a process to build further leadership capacity within the management team and Board, with the aim to add further industry competencies and to improve oversight of the Company's operational strategies and growth initiatives. The Company will keep its shareholders and the market informed as it progresses with the appointment of a new CFO. During the transition the Company has sufficient resources to cover Andrew's duties and progress its operational programs both in Spain and Australia. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 42% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 56% per year over the past 5 years. Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$87.3m market cap, or US$54.4m). New Risk • Dec 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (42% increase in shares outstanding). Market cap is less than US$100m (AU$105.2m market cap, or US$66.4m). Announcement • Dec 13
EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4.9 million. EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4.9 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 122,500,000
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Dec 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$27m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$27m free cash flow). Earnings have declined by 56% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (42% increase in shares outstanding). Market cap is less than US$100m (AU$114.1m market cap, or US$74.1m). Announcement • Nov 30
EQ Resources Limited announced that it has received AUD 3 million in funding from Square Resources Holding (No. 2) Pty Ltd EQ Resources Limited announced a private placement that it has issued convertible notes for the gross proceeds of AUD 3,000,000 on November 29, 2024. The term of the notes is one year from the issue date of the Notes. The notes have a 9% per annum interest; with interest being payable in cash upon redemption or in shares upon conversion of the Notes. The conversion price is AUD 0.075 per ordinary share, a 47% premium to the last close of 27 November 2024. The Notes may be converted to shares at any time during the Term at the Noteholder’s election. Notes not converted into shares at the expiry of the term shall be automatically redeemed by the Noteholder for cash. If the Notes are converted, the Company will issue to the Noteholder 10 million options with an exercise price of AUD 0.10 and a 12-month expiry. Announcement • Nov 18
EQ Resources Limited (ASX:EQR) executed a binding Heads of Agreement to acquire Tungsten Metals Group Limited. EQ Resources Limited (ASX:EQR) executed a binding Heads of Agreement to acquire Tungsten Metals Group Limited on November 18, 2024. The consideration consists of common equity of EQ Resources Limited to be issued for common equity of Tungsten Metals Group Limited. A cash consideration will be paid by EQ Resources Limited. EQR has determined that the enterprise value of TMG Group(Asia Tungsten Products Co Ltd and Tungsten Metals Group Limited) is AUD 13.5 million, inclusive of the Acquisition Shares and inclusive of liabilities as of the date of the HoA. Subject to the satisfaction of Conditions Precedent and any applicable adjustments, at closing of the Transaction, EQR has agreed to issue an estimated 170 million new fully paid ordinary EQR shares and make payment of an estimated AUD 2.5 million in cash.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and consummation of due diligence investigation. The deal has been unanimously approved by the board. The transaction is expected to be completed in the first half of 2025. Announcement • Oct 29
EQ Resources Limited, Annual General Meeting, Nov 29, 2024 EQ Resources Limited, Annual General Meeting, Nov 29, 2024. Reported Earnings • Oct 01
Full year 2024 earnings released: AU$0.001 loss per share (vs AU$0.003 loss in FY 2023) Full year 2024 results: AU$0.001 loss per share. Revenue: AU$30.3m (up 490% from FY 2023). Net loss: AU$28.3m (loss widened AU$24.5m from FY 2023). New Risk • Aug 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 45% per year over the past 5 years. Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$7.2m revenue, or US$4.8m). Market cap is less than US$100m (AU$78.3m market cap, or US$51.9m). New Risk • Jul 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 45% per year over the past 5 years. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$7.2m revenue, or US$4.7m). Market cap is less than US$100m (AU$97.5m market cap, or US$63.3m). Announcement • May 22
EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 9.5 million. EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 9.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 211,111,111
Price\Range: AUD 0.045
Discount Per Security: AUD 0.0027
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Price Target Changed • Mar 21
Price target decreased by 7.5% to AU$0.13 Down from AU$0.14, the current price target is provided by 1 analyst. New target price is 165% above last closing price of AU$0.049. Stock is down 17% over the past year. The company posted a net loss per share of AU$0.0026 last year. Reported Earnings • Mar 19
First half 2024 earnings released: AU$0.005 loss per share (vs AU$0.003 loss in 1H 2023) First half 2024 results: AU$0.005 loss per share (further deteriorated from AU$0.003 loss in 1H 2023). Revenue: AU$6.65m (up 45% from 1H 2023). Net loss: AU$7.81m (loss widened 116% from 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Jan 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Richard Morrow was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 19
EQ Resources Limited Announces the Appointment of Stephen Weir as Non-Executive Director of the Company EQ Resources Limited announced the appointment of experienced mining company director and mining finance executive Mr. Stephen Weir as non-executive director of the Company. The appointment was agreed between the Company and funds managed by Oaktree Capital Management, L.P. ("Oaktree"), as part of the $25 million investment in EQR by Oaktree. Mr. Weir will join the board as Oaktree's nominee director, and will also be appointed as chair of the audit and risk committee. As Oaktree's nominee director Mr. Weir's compensation is covered by Oaktree. Mr. Weir is a former Chief Executive Officer of Magnetite Mines Ltd. Mr. Weir's prior fields of expertise and senior executive roles span the mining, industrial services, energy and infrastructure sectors. He had a 20-year career in corporate advisory with RFC Ambrian where he was a Managing Director, preceded by project finance (Bankers Trust), general management (Brambles) and construction management (John Holland Engineering). Mr. Weir is a Sydney-based Senior Adviser and Advisory Board Member with GBA Capital and maintains membership of the Australian Institute of Company Directors. Announcement • Jan 18
EQ Resources Limited Appoints Stephen Robert Weir as Director EQ Resources Limited announced the appointment of Stephen Robert Weir as director. Date of appointment is 18 January 2024. Recent Insider Transactions Derivative • Nov 15
Non-Executive Chairman exercised options to buy AU$132k worth of stock. On the 8th of November, Oliver Kleinhempel exercised options to buy 2m shares at a strike price of around AU$0.06, costing a total of AU$120k. This transaction amounted to 10.0% of their direct individual holding at the time of the trade. Since March 2023, Oliver has owned 20.03m shares directly. Company insiders have collectively bought AU$300k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Sep 29
EQ Resources Limited, Annual General Meeting, Nov 29, 2023 EQ Resources Limited, Annual General Meeting, Nov 29, 2023, at 15:00 E. Australia Standard Time. Reported Earnings • Sep 29
Full year 2023 earnings released: AU$0.003 loss per share (vs AU$0.005 loss in FY 2022) Full year 2023 results: AU$0.003 loss per share (improved from AU$0.005 loss in FY 2022). Revenue: AU$13.1m (up 222% from FY 2022). Net loss: AU$3.72m (loss narrowed 39% from FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Announcement • Aug 11
EQ Resources Limited announced that it expects to receive AUD 25.02 million in funding from Oaktree Capital Management, L.P. EQ Resources Limited announced that it has signed a purchase agreement to issue 278,000,000 common shares at a price of AUD 0.09 per share for the gross proceeds of AUD 25.02 million on August 10, 2023. The transaction will include participation from new investor, Oaktree Capital Management, L.P. acquiring 15.86% stake in the transaction. Reported Earnings • Mar 16
First half 2023 earnings released: AU$0.003 loss per share (vs AU$0.002 loss in 1H 2022) First half 2023 results: AU$0.003 loss per share (further deteriorated from AU$0.002 loss in 1H 2022). Revenue: AU$4.92m (up 120% from 1H 2022). Net loss: AU$3.62m (loss widened 57% from 1H 2022). Revenue is forecast to grow 38% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Feb 13
EQ Resources Limited Announces First Results (3 Holes) from the Phase 2 2022 Drilling Campaign Completed in January 2023 EQ Resources Limited announced first results (3 holes) from the Phase 2 2022 drilling campaign completed in January 2023 have delivered significant ore grade tungsten intersections west and north of the Andy White Open Pit. Two holes west of the pit, EQ027 and EQ028, confirmed the geological model identifying the most prospective target zone for tungsten enriched veining, which appears to be a roughly vertical zone below `200m ReducedLevel (RL)'. A third hole, EQ029, confirmed a northern extension of the high-grade Iron Duke veining. The Company is awaiting results from three further holes to the west of the Open Pit into the high-grade target zone. Visual indications under UV-light were highly promising, but assays are awaited. The following is a location map of the first three holes showing how these holes confirm the exploration potential westwards and towards the Iron Duke Vein Package. The distinct vein packages identified by the Company are separated by the white dotted lines. Coloured dots highlight results from soil anomalies, with red dots marking comparably higher tungsten assays. Dark red overprinting shows the current Mt Carbine Mineral Resource. Holes EQ027 & EQ028 were located WNW of the extended Open Pit, with the drill collars situated at the top of the Mt Carbine hill at 464m RL. The holes were drilled to determine the extent of the mineralisation in the higher topography. Traditionally in the main pit area, the best tungsten occurs between 200 to 350m RL, where the veins are typically 0.1 - 0.5m in width. Below the 200m RL, the veins thicken up to >1m in width and the tungsten content tends to be lower. Above the 350m RL, the mineralised veins are seen to become very narrow down to `leader' vein size of approximately 2 to 10 cm in width. An exception to this general RL controlled observation is the fact that strong veins occur at surface (460m RL) in the Talis zone where 3 x 30cm veins show significant outcrop tungsten. Hole EQ030, which will be reported on imminently when assays are available, has intersected the Talis veins near surface. Hole EQ029, although considered an exploration hole, is the first hole to test the strike extent of the Iron Duke Vein Package. A soil program in this area highlighted significant tungsten mineralisation, which when followed up, located a high-grade vein structure containing Scheelite. Visually at surface, the outcrop is 3 - 4m wide and graded more than 1% WO. Good mineralisation was located on the down dip extension of the high-grade surface exposures. Hole EQ029 holds good promise that high-grade mineralisation can be found across the entire Iron Duke Vein Package. The main Mine Pit Vein Package veins are the Iolanthe, Bluff & Johnson. Announcement • Feb 01
EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4.56 million. EQ Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4.56 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,670,615
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 36,329,385
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: AUD 0.04
Transaction Features: Subsequent Direct Listing Announcement • Dec 15
EQ Resources Limited Announces Resignation of Patricia Vanni de Oliveira as Joint Company Secretary EQ Resources Limited announced that Ms Patricia Vanni de Oliveira has resigned as Joint Company Secretary of the Company, effective today. The Board wishes to thank Ms Vanni de Oliveira for her service to the Company as Joint Company Secretaryduring almost 2 years. Ms Melanie Leydin will continue in her role, being the sole Company Secretary. For the purpose of ASX Listing Rule 12.6, Ms Leydin will be the person responsible for communications between the Company and ASX. Announcement • Nov 23
EQ Resources Limited Provides Update on Mt Carbine Tungsten Mine EQ Resources Limited (EQR) announced that the company has entered a long-term agreement with Australian Wildlife Conservancy (AWC) as part of its renewed mining lease with a focus on general co-operation. EQR is committed towards sustainable development of natural resources by producing a critical mineral in a way that decouples growth from environmental degradation. EQR recognises the value of Australia's biodiversity and the importance of effective conservation of all Australian animal species and the habitats in which they live. As a part of the company's ESG program, EQR is engaging in community partnerships to inject meaningful support into its Environmental and Social commitments. Most recently, EQR has entered a ~20-year cooperation agreement with AWC to actively participate in and contribute toward various initiatives run by AWC to deliver and influence effective conservation in the areas surrounding the EQR mining lease. AWC is committed to practical, on-ground land management informed by world-class science. Current initiatives defined in the agreement applicable to the surrounding area EQR operates in include: Ecological Research, Ecological Health Monitoring, Wildlife Translocations, Feral Animal Control, Fire Management and Invasive Weed Control. Announcement • Nov 17
EQ Resources Limited Announces Drilling Targeting New Discoveries and Potential Expansion EQ Resources Limited announced the awarding of a drilling contract to DDH1 Drilling Pty Ltd. for the Phase 2 2022 drilling program with field works commencing at the end of November. This drilling campaign is primarily targeting the potential for the Phase III Pit Extension. Theprogram will build on the Phase 1 2022 drilling in the Dyke West Zone and has 23 holes planned for 3,015m with the following targets: (1) Western Pit Extension (Phase III Pit) & In-Fill within Pit Shell (as per BFS Update) Sixteen (16) holes will quantify if a 15 million tonne Western Pit Extension, called the Phase III Pit, will be economically feasible. No drilling has been done near surface in this area and any new Resources discovered would add to the Company's existing Indicated Resources for Mt Carbine. Currently, the updated BFS (Pit Shell shown in green) highlighted 4.5 years of Open Pit Reserves and 10 years of Low Grade Stockpile Reserves for a total 14.5-year mine life. A single deep hole planned to investigate the orientation of the high-grade zone located in Hole EQ026, (i.e. 5.95m@0.94% WO3). It is thought, this high-grade zone plunges westward and has potential to add significantly to the future underground assessment. Two holes targeting the surface expression of the historical named Ruby Vein, which is in the southern part of the Iron Duke Zone. The Iron Duke System is a large system immediately north of Mt Carbine Open Pit that has three known individual vein packages including Ruby/Dazzler, Talis & Crown Vein Packages. Given close proximity to the open pit, any resources found in the Ruby Vein would encourage continued pit expansion. A single exploratory hole into the Crown Zone is planned. High-grade tungsten in soil results in this area identified outcropping scheelite vein structures that represent the surface expression of the Crown system. This system is the northern extension of the Iron Duke Zone and has excellent results at depth (>150m depth). The locating of these well mineralised outcrops are considered significant exploration success. Reported Earnings • Oct 01
Full year 2022 earnings released: AU$0.004 loss per share (vs AU$0.004 loss in FY 2021) Full year 2022 results: AU$0.004 loss per share (in line with FY 2021). Revenue: AU$6.23m (up 37% from FY 2021). Net loss: AU$6.06m (loss widened 33% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Sep 28
EQ Resources Limited, Annual General Meeting, Nov 23, 2022 EQ Resources Limited, Annual General Meeting, Nov 23, 2022. Agenda: To consider election of Directors. Announcement • Sep 16
EQ Resources Limited Releases an Update on Ore Reserve Estimate for its Mt Carbine Tungsten Project in Far North Queensland EQ Resources Limited released an updated Ore Reserve estimate for its Mt Carbine Tungsten Project (100% ownership) in Far North Queensland. A combination of additional drilling results, reinterpretation of the Resource model and the successful implementation of the XRT ore sorting operations at lower grades has resulted in a significant increase in the estimated open cut Ore Reserve tonnes and contained WO3 metal. The low-grade stockpile (LGS) has been partially depleted since the previous Ore Reserve estimate. The Ore Reserve estimate is current as of 1 September 2022 and accounts for all mining activities undertaken to this date. A comparison to the previous Ore Reserve estimate (as of 31 December 2021) is summarised below: Open cut ROM tonnes increased from 1.26mt to 3.54mt, Open cut ROM WO3 grade decreased from 0.71% to 0.33%, Open cut contained WO3 increased from 900k mtu to 1.161m mtu (1 mtu = 10kg WO3) and LGS depleted by 0.13mt. The changes in open cut Ore Reserves are predominantly driven by changes in the Resource interpretation with significantly larger areas of lower grade tungsten included in the Resource model. This is shown in the following two figures which show the difference between the previous and current Resource models. The increase in Ore Reserves has reduced the ROM strip ratio within the open cut from 11.1 (waste t:ore t) to 3.1. The updated Ore Reserve estimate will be used to inform the current Bankable Feasibility Study (BFS) which is due for completion in late 2022. The increased Ore Reserves combined with a lower strip ratio has improved the economic viability of the project via the implementation of larger mining equipment and a reduction in the amount of costly selective ore mining. The Ore Reserves have been limited to a practical pit shell based on the current economic limits of the deposit. Ramps were designed into the pit shell using suitable widths and grades to accommodate the planned open cut mining fleet. The open cut shell and the LGS were subdivided into detailed mining blocks which were then fully scheduled, including haulage modelling, for the planned life-of-mine. The results of the schedule were then assessed in a financial model to determine the overall economic viability of the project. Only Ore Reserves, including the LGS, were used to generate revenue, with all other materials classified as waste. The financial assessment showed that the deposit generated substantial cashflows. The financial assessment assumed a long-term sale price for ammonium paratungstate (APT) of USD 340 per mtu with a 0.73 AUD:USD exchange rate utilised. An overall sale price of USD 12,240/concentrate tonne is realised based on concentrate being 50% WO3 grade and 72% of the WO3 in the APT is payable ($340 100mtu/tonne 50% * 72%). The final realised price for each tonne of 50% WO3 concentrate applied to the financial assessment is AU16,767. Announcement • Aug 04
EQ Resources Limited Announces Increased Tungsten in Updated Mt Carbine Mineral Resource EQ Resources Limited announced an updated resource statement for its Mt Carbine Tungsten Project in Far North Queensland, 120 km north of Cairns. A total of 10 holes for 2121.9m have been drilled since the last resource statement on 03 September 2021. This has delineated a continuation of the mineralization for 350m west of the pit in what has been called the Dyke West Area. The new Mineral Resource Estimate resulted in an upgrade of 13.75% of contained tungsten (in WO3) (equivalent to 784,400 mtu) for the global resource inventory. The Indicated Resources have grown significantly from a contained 1,776,000 mtu to 3,296,800 mtu, an increase of 85.6%, which is a combination of newly located tungsten zones and an upgrade of some of the Inferred Resources. The Company is currently performing a Pit Optimisation Study which forms the basis for an updated Reserve Statement and revised economics for the Mt Carbine Open Pit Project. A lower cut-off of 0.05% WO3 was applied to the new resource based on wider ore shapes. The larger shapes reflect the bulking out of the high-grade vein resource with the halo of lower grade mineralisation that surrounds the high-grade ore. The additional lower grade tungsten envelope average 0.14-0.18% WO3 and will be part of any mining that targets open cut extract of the high-grade ore. FURTHER EXPLORATION POTENTIAL: The recent geological work has confirmed the Company's further exploration targets. The work has been confined to the red and green squares. The wider blue zone shows the area identified as having the potential to extend the Mt Carbine orebody, which includes 4 major targets: 1. Upgrade the Iron Duke Inferred Resources into Indicated Resources - Iron Duke contains 5.8Mt @ 0.59% WO3; 2. Extend the known veins along strike extents both Grid West and East; 3. Drill to the depth where tungsten continues in Iron Duke - Talis Zone; 4. Evaluate and test the True Blue, Daisy, MacDonald's and Red Cap Zones. Given the extent of surface vein traces, the open depth consideration and the immediate tungsten working areas it is conceivable that the resource could significantly increase from its current size. The Company is targeting future drilling to continue to replace any future mined ore. On a regional scale, there are over 50 locations with historical workings within EQR's exploration tenements, which have reported tungsten or tin mineralisation. Announcement • May 20
EQ Resources Limited Completes Phase 1 2022 Drill Program Aiming for Shallow Mineralisation EQ Resources Limited announced that it has completed its Phase 1 2022 Drill Program aiming for shallow mineralisation that has the potential to extend the planned open cut as per the Company's Mt Carbine Bankable Feasibility Study (BFS). The results for the final 5 holes have been received. Significant mineralisation was encountered in the zone west of the pit (West Dyke Area), where the King-Veins have been intersected continuing westwards. These veins remain open in strike to the west and to depth. The most prospective zone continues the strike extent of the orebody where at regular intervals the structural preparation has widened the zones. Hole EQ026 with the down hole intersection of 5.95m @ 0.94% WO3 zone at 84.96m depth, would make a great underground start given its close proximity to the already existing decline. Further work has commenced to evaluate this zone to see if it projects to the old surface workings in the area. Given the increase in chalcopyrite content and the coarse nature of the primary tungsten mineralisation, it is felt this direction is heading towards the fluid source. Highlights: Phase 1 2022 Drill Program completed with further high-grade drill results near open pit and along existing decline; West Dyke Area now drilled to 50-meter centres and will be examined as Indicated Resource; Results will be incorporated in upcoming pit optimisation studies; High-grade intercepts in shallow Iolanthe, Bluff & Johnson zones include: 9.24m @ 0.36% WO3 from 56.34m; 8.63m @ 0.46% WO3 from 98.00; 15.77m @ 0.32% WO3 from 93.89m; 2.72m @ 0.57% WO3 from 97.18m; 1.00m @ 0.47% WO3 from 15.90m; 20.37m @ 0.36% WO3 from 72.90m, incl. 5.95m @ 0.94% WO3* from 84.96m. Announcement • Apr 12
EQ Resources Announces Completion of Scoping Study on the Mt Carbine UG Mine Development EQ Resources announced the completion of the Scoping Study on the Mt Carbine UG Mine development. The Scoping Study was completed by Deswik Mining Consultants (Australia) Pty Ltd. ("Deswik"), with the goal to explore the potential of delineating and creating an underground mining inventory (design, schedule and economics). The results on the Scoping Study have provided the Company with significant confidence to progress to a Pre- Feasibility Study on the potential for an underground operation together with committing to an underground drill program that is expected to commence later in the year, upon full inspection and refurbishment of the existing, fully permitted 440-meter decline. It is important to note that 78% of the resource used in the Scoping Study is in the Inferred category and does not allow for the economics of this study to be reported. EQR is significantly encouraged to move forward into the PFS. With the planned drilling campaigns, the Company aims to further define the remaining 5.74Mt @ 0.43% WO3 of Inferred resources towards Indicated resources. The waterfall shows the Indicated and Inferred resources examined in the Scoping Study (2.36Mt @ 1.05% WO3): The Scoping Study broadly consisted of: Geological review (to understand geology, structural controls, grade distribution, resource status, inventory to be assessed for underground potential); tope optimiser runs (to spatially delineate stopes greater than 0.25% WO3); Mining method review (appropriate methods, assessment and exclusion exercise); Review and update of supplied first-principles cost build up for underground mining costs; Level by level, stope by stope assessment of potentially economic stopes; Preliminary design, task creation, sequencing and scheduling of concept design; and (Internal) financial cost model and SWOT analysis. visually highlights the areas of the UG Mine modelling covered in the Scoping Study. The green areas represent Indicated resources whilst the blue are Inferred resources. shows an example of theeffect of the sheeted vein system for UG mining at Mt Carbine in a level plan on 80m RL level. The illustration highlights that multiple stopes may occur on each level. Colours reflect Inferred grades for the mineralisation. Reported Earnings • Mar 12
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.002 loss per share (down from AU$0.001 loss in 1H 2021). Revenue: AU$2.23m (down 31% from 1H 2021). Net loss: AU$2.30m (loss widened 41% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • Jan 18
EQ Resources Limited Announces Start of New Diamond Drilling Campaign at the Mt Carbine Tungsten Mine EQ Resources Limited announced the start of a new diamond drilling campaign aimed at upgrading the open pit and underground resource at the Mt Carbine Tungsten Mine, 130 km north-west of Cairns. The first stage of the 2022 Drilling Program comprises a six-hole drill campaign as a follow up to the successful resource definition program last year. Previous drill results formed the basis for EQR's Bankable Feasibility Study released in December 2021, demonstrating sound economics with an IRR of 154% over a current 12-year project life. EQR is bringing forward its drilling plans to test the potential to extend open pit mining and to examine underground mining options after Year 4 of the plan as set out in the BFS. The targets include the sparsely drilled Iron Duke formation, which is considered a near term underground development target. The first holes will be targeted to extend the pit in both the east and west directions. In the east where the nose of the syncline occurs, the target is to see if the veins continue beyond the folding or if there is lithological control to the veining in the area of the saddle reefs. To the west, there are already 13 holes indicating veins continue westward but only two intercepts occur in the theoretical "Blossom Zone" of mineralisation that occurs between the 200-350m RL. Drilling will targeti extensions of the zone indicated by the following historical holes CB064 - 22,536E /26,485N, RL 368.5m, 291.6-293.2m for 1.6m @ 8.17% WO3, CB012 - 22,555E /26,207N, RL 384.3m, 153.2-155.2m for 2.0m @ 0.85% WO3. Additional holes will be targeted to find the extension of the Iron Duke Lode in an easterly direction. This is a 200m step out from existing mineralisation. These holes will be targeting an extension of the intercepts of following historical holes CB018 - 22,748E /26,717N, RL 383m, 169.0-173.7m for 4.7m @ 1.08% WO3, 179.0-181.0m for 2.0m @ 0.59% WO3 and 191.0-196.0m for 5.0m @ 0.48% WO3. CB051 - 22,752E /26,668N, RL 389m, 130.3-132.3m for 2.0m @ 4.02% WO3 and 160.4-162.4m for 2.0m @ 2.03% WO3 The above work program is expected to be completed by the end of Quarter 1, 2022. Announcement • Jan 10
EQ Resources Announces Commissioning of the Upgraded Power Line At the Mt Carbine EQ Resources announce that the commissioning of the upgraded power line at the Mt Carbine site has been completed. The upgrade has allowed the XRT Sorter to operate on a 24-hour basis and led the Company to achieve a new monthly production record of tungsten concentrate from its rejuvenated Mt Carbine mine, 130 km north-west of Cairns. A successful debottlenecking strategy and Early Works investment targeting the crushing, screening and XRT sorting capacity contributed to the production of a record >40 tonnes of 50% WO 3 concentrate in December 2021, showing the positive impact of the continuous improvements at Mt Carbine. EQR and its Joint Venture ("JV") partner, global metals group Cronimet, began re-commissioning the historical processing plant in 2020, with a further significant investment to upgrade the processing capacity at Mt Carbine early in 2021 as part of the staged development plan for the site. The JV has also integrated advanced Tomra XRT ore-sorting technology into the crushing and screening flowsheet with the dual target of producing a WO 3 concentrate and creating a barren green aggregate by-product stream from waste rock from the ore-sorting process. Extensive field-based test work was conducted throughout 2021, with a tenfold upgrade in the low- grade ore achieved consistently over production trials. Reported Earnings • Sep 30
Full year 2021 earnings released: AU$0.004 loss per share (vs AU$0.003 loss in FY 2020) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: AU$5.42m (up AU$4.67m from FY 2020). Net loss: AU$4.58m (loss widened 52% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 65% per year, which means it is well ahead of earnings. Announcement • Sep 24
EQ Resources Limited Announces Mineral Resource Update Drives Mt Carbine BFS Optimization EQ Resources Limited announced an updated resource statement for its Mt Carbine Tungsten Project in Far North Queensland. Remodelling of the resource at the historic Mt Carbine Tungsten Mine resulted in significantly higher-grade ore blocks, with recent drilling focusing at shallow areas immediately below the Andy White pit floor reducing the overall mining tonnage reporting into the ongoing Bankable Feasibility Study ("BFS"). The revised In-Situ Hard-Rock Resource of 9.21 million tonnes at 0.63% WO3 replaces the previous resource estimate published by the Company (by GeoSun, dated 2013). With the addition of the 12 million tonne LGS grading at 0.075% WO3, the total metal (in form of WO3) contained is approximately 6.7 million mtu (metric ton unit, equal 10 kg). By the use of orientated drilling, it allowed the Company to reinterpret the geology and pin down the high-grade ore shoots into a 3D Model. The tightening of the drill spacing allowed the area around the Andy White pit to be categorized as Indicated Resources and the larger area surrounding the pit to be defined as Inferred Resources. As seen below, compared to the Mt Carbine historical resources the revised resource covers only 60% of the previous block model area. The model defines 2-12m wide tungsten lenses separated by barren waste zones in sufficient detail. The bulk of the Indicated Resources are located immediately beneath the existing pit. These resources are well situated to be reached by a pit expansion that benefits from the fact that a lot of high-grade mineralization lies along the lower easy strip side of the old pit. The current BFS reserve modeling due for completion in November will further determine the extent of the pit expansion. Given the large inventory of Inferred Resources and the excellent conversion factors into Indicated Resources, this remains the focus of site activity with further drilling targeted for First Quarter 2022. The Company is committed to a path to commence mining in the short term and benefit from high tungsten prices and high-grade mineralization at Mt Carbine. Announcement • Sep 13
EQ Resources Limited announced that it expects to receive AUD 6 million in funding EQ Resources Limited announced that it has issued 2 year convertible notes at a conversion price of AUD 0.065 per share for gross proceeds of AUD 6,000,000 in a round of funding on September 13, 2021. The notes were issued at a 44% premium to the last price of 0.045 cents per share. The notes will bear an interest rate of 7% per annum. The transaction is expected to close on September 16, 2021. The company will also issue 25,000,000 options with an exercise price of AUD 0.065 and a 2-year expiry together with a 4% fee in association with costs of the issue. The maturity date of the transaction is September 16, 2023. Announcement • Jul 15
EQR Drilling at Mt Carbine Hits Iron Duke Extensions EQ Resources Limited announce that assays of end-of-hole intersections from EQ012 confirm extensions of tungsten mineralisation identified in historical drilling on the Iron Duke prospect, adjacent to and below the existing Andy White open pit. As part of the recent drilling, hole EQ012 was extended outside the recent pit drilling to investigate the concept of Iron Duke being a simple continuation of the sheeted vein sequences going North. Previous interpretation suggested the Iron Duke was somewhat different due to the lithological changes seen in this area, where the rocks changed from the Metasediments across to the more calcareous Metavolcanics. Reinterpretation and re-logging has shown that the mineralization at Iron Duke is part of an additional package parallel to the Mt Carbine Pit Veins and the mineralization just continues strongly through these rock types. Assays are still awaited on the entire core from hole EQ012 and six further diamond holes, drilled as part of a 16-hole program in the feasibility study for restarting mining at Mt Carbine. The Iron Duke mineralization does appear to be reflecting the increased calcareous nature of the host rocks through an increase in carbonate content (Calcite) in the vein and more primary scheelite mixed with the wolframite; Scheelite is the Carbonate tungsten mineral compared to the Iron Tungsten Mineral Wolframite. These zones are still at exploration stage and only the Dazzler has an approximately 200 x 200m drill pattern completed. To examine the western end of the Iron Duke Zone, hole EQ012 was extended 70m to depth and hit the start of the Dazzler Zone. The hole was not extended to intersect the remainder of Dazzler or the Talis and Crown zones. Announcement • Jul 07
EQ Resources Limited Announces Further Positive Drill Results from its Feasibility Study Resource Drilling Program EQ Resources Limited announced further positive drill results from its feasibility study resource drilling program. The Company is currently investigating the potential for an open pit and underground operations at Mt Carbine where a feasibility study is underway. Diamond Drilling was completed on 10th June 2021 for a total of 16 holes amounting to 4,074.1 metres completed (the Company decided to extend hole EQ012 in an extension drill and therefore not reporting a 17th hole as initially planned). The drilling showed excellent recoveries reflecting the competency of the rock that hosts the tungsten mineralization. Geotech logging will be completed on drill core and a study will be undertaken to investigate pit wall stabilities and slope angles. It is expected that a high pit wall slope will be possible given the rock strength and calculations of possible low strip ratios for any future pit extension. The 22 separate King-Veins intersected in this drill program so far showed veins ranging from 5cm to 1.5m in down hole width but more typically in the 10-30cm range. The tungsten grades encountered ranged from 0.5% to 17.60% WO3. These veins show persistence and with this drilling have shown to extend from 22650E to 23000E over a distance of 350m of strike and 150m of vertical extent. They remain open principally to the west and at depth. Some of the King-Veins grading above 5% WO3 show a close association with pink potassium Feldspar alteration, and this is the highest temperature alteration encountered at Mt Carbine. In these high-grade veins, primary coarse intergrown scheelite and wolframite crystals up to 10cm in size can be seen. The Company is logging the alteration types to determine fluid flow directions and looking for repeating mineralized structures. High-grade intercepts in shallow Iolanthe and Bluff zones include: 6.97m @ 0.90% WO3 from 120.85m, incl. 1.50m @ 2.88% WO3 (16m below pit floor); 5.33m @ 1.32% WO3 from 114.09m, incl. 1.02m @ 6.68% WO3 (24m below pit floor); 8.66m @ 0.45% WO3 from 127.09m, incl. 0.69m @ 5.37% WO3 (29m below pit floor); 8.21m @ 1.13% WO3 from 173.33m, incl. 0.49m @ 17.60% WO3 (54m below pit floor). Announcement • Jun 10
EQ Resources Limited Announces Clarification on Results Released for Mt Carbine Drilling EQ Resources Limited announced the first results from an upgraded 17- hole resource drilling at the 100%-owned Mt Carbine Tungsten Mine in Far North Queensland. The drilling was designed to intersect multiple high-grade zones immediately below the previously-mined open pit. The target was to examine tungsten bearing quartz structures in the interval down to 250m (65m below the existing pit floor). EQR has launched a Bankable Feasibility Study to re-open Mt Carbine. The study includes the current drilling which after the first return assays opens the possibility of a strip back of the existing pit to access high-grade tungsten ore early in the mine plan. Announcement • Jun 09
EQ Resources Limited Hits Shallow High-Grade Tungsten Zones EQ Resources Limited announced the first results from an upgraded 17- hole resource drilling at the 100%-owned Mt Carbine Tungsten Mine in Far North Queensland. The drilling was designed to intersect multiple high-grade zones immediately below the previously-mined open pit. The target was to examine tungsten bearing quartz structures in the interval down to 250m (65m below the existing pit floor). Announcement • May 20
EQR Extends Resource Drilling at Mt Carbine EQ Resources Limited announced an extension of resource drilling program at its Mt Carbine Tungsten Mine near Cairns, North Queensland. Assays are still pending for the six completed diamond holes around and under the existing Andy White open pit, however, visual examination under ultra-violet light has shown extensions of the four previously mined vein sets at various depths below the old workings. The six-hole program has been extended to seventeen holes which will be integral to the feasibility study which is about to move into full swing at the historic mine. Mt Carbine, located 120 km by sealed road north-west of Cairns, was a major tungsten producer in the 1970s and 80s. The diamond drilling program, undertaken by DDH1, has been extended to target near-pit tungsten bearing quartz veins. The company has appointed Brisbane-based consultants, Measured Group Pty Ltd, for the resource recalculation as part of the $3.5 million feasibility study. Executive Departure • Apr 15
Executive Officer has left the company On the 14th of April, Kim Cavallaro's tenure as Executive Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Kim's name. A total of 5 executives have left over the last 12 months. Reported Earnings • Mar 19
First half 2021 earnings released: AU$0.001 loss per share (vs AU$0.001 loss in 1H 2020) The company reported a solid first half result with improved revenues and control over costs, although losses increased. First half 2021 results: Revenue: AU$3.22m (up AU$2.75m from 1H 2020). Net loss: AU$1.63m (loss widened 36% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 16
EQ Resources Limited Appoints Richard Morrow FAusIMM as Non-Executive Director EQ Resources Limited announced the appointment of Richard Morrow FAusIMM as Non-Executive Director, effective 16 March 2021. Richard is an experienced professional in mining finance based in Melbourne, Australia. He is a director of specialist resources fund manager Lowell Resources Fund Management, manager of the ASX-listed Lowell Resources Fund. Announcement • Mar 15
EQ Resources Limited announced that it expects to receive AUD 6.5 million in funding EQ Resources Limited (ASX:EQR) announced a private placement of 203,125,000 ordinary common shares at an issue price of AUD 0.032 per gross proceeds of AUD 6.5 million on March 15, 2021. The transaction included participation from significant domestic and international interest from institutional and sophisticated investors. As part of the Placement, the Directors have subscribed for 15,625,000 shares subject to shareholder approval with closing date of May 20, 2021. The rest of ordinary shares are expected to close on March 18, 2021. The Extra ordinary general meeting is planned to take place in the second half of April 2021. The AUD 6.5 million is before incurring all costs Executive Departure • Mar 03
Company Secretary has left the company On the 1st of March, Suzanne Irwin's tenure as Company Secretary ended after less than a year in the role. We don't have any record of a personal shareholding under Suzanne's name. A total of 4 executives have left over the last 12 months. Announcement • Feb 16
EQ Resources Limited Announces Executive Changes EQ Resources Limited announced the appointments of Ms. Melanie Leydin and Patricia Vanni de Oliveira from Leydin Freyer Corp. Pty Ltd, as joint Company Secretaries for the Company effective, 15 February 2021. Ms. Leydin has over 25 years' experience in the accounting profession and over 15 years as a company secretary with extensive experience in relation to public company responsibilities, including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting, reorganisation of Companies and shareholder relations. Ms. Vanni de Oliveira has more than 15 years of professional experience in corporate governance, mergers & acquisitions, project finance, engineering, procurement and construction contracts and compliance. She has been working as an in-house counsel of multinational companies, an associate in Brazilian Top tier law firms (300+ lawyers) and as company secretariat and joint company secretary providing outsourced corporate governance and company secretarial services to various Australian listed companies. Ms. Suzanne Irwin will resign from the role of Company Secretary effective 1 March 2021. Announcement • Jan 17
EQ Resources Limited Announces Resignation of Kim Cavallaro as Executive Director and Chief Commercial Officer EQ Resources Limited announced that Ms. Kim Cavallaro has resigned as Executive Director and Chief Commercial Officer (CCO) effective 15 January 2021. To continue the momentum and progress achieved to date to deliver on the Company's strategy, Ms. Cavallaro will remain part of the leadership team until her last working day, being 14 April 2021, supporting CEO & Snr.Technical Advisor, Mr. Kevin MacNeill, and other senior managers of the Company. Ms. Cavallaro, who joined EQR as CCO on 1 July 2020 and appointed Executive Director on 1 October 2020, has been instrumental in the Company's rapid transition from a junior explorer to becoming Australia's leading primary tungsten producer. The Company announced that Mr. Kevin MacNeill will continue to lead the Company as its CEO, expanding his focus on the operational front at the Company's projects at Mt Carbine, to drive ongoing strategic initiatives at both Mt Carbine along with the Company's gold exploration assets in New South Wales. Mr. MacNeill will work with the team to align key management roles to best advance these initiatives and leverage the opportunities ahead. Announcement • Oct 17
Speciality Metals International Limited Announces Mt Carbine Historical Drilling Reinterpretation Speciality Metals International Limited announced its resource redefinition of high-grade tungsten envelopes at its Mt Carbine project in Queensland, identified over a 1.2km strike length. - Speciality Metals' re-assaying of historical drill core, as a basis for reinterpretation of the Mt Carbine underground resource and definition of high-grade corridors- Mt Carbine High-Grade Zones include: CB005 -2m @ 7.7% WO3 from 162.01m; CB001- 11.2m @ 2.9% WO3 from 127.86m; CB040 - 6.18m @ 1.4% WO3 from 244.86m; CB038 -13.58m @ 0.57% WO3 from 213.93m- A total of 154 intercepts from 43 historic drill holes outline veining extends for 1.2km strike length with five main veins identified - Trade-off study initiated to evaluate a narrow high-grade mine targeting `King Vein' style mineralisation against historical considerations - Consultation commenced with Department of Natural Resources, Mines and Energy and contractors setting out detailed planning for reopening of decline for further underground testing. Announcement • Oct 01
Speciality Metals International Limited Announces Appointment of Kim Cavallaro as Executive Director Speciality Metals International Limited announce the appointment of Kim Cavallaro as an executive director effective 1 October 2020. Ms. Cavallaro commenced as Chief Commercial Officer (CCO) on 01 July 2020 in which role she will continue until she assumes the role of Chief Executive Officer (CEO) and Managing Director of the Company, expected to be near the end of the year. 
