EQ Resources Hits Record A$51 Million Revenue on Surging Tungsten Output
EQ Resources (ASX:EQR) posted a July 2026 production surge that lifted revenue to a new high of A$51 million, driven by strong output and prices at its Australian and Spanish mines.
- July tungsten production up 36% to 14,255 mtu
- Record revenue of A$51 million for the month
- Barruecopardo output jumps 48%, Mt Carbine up 16%
- Average realised prices hit record highs at both sites
Production Surge Drives Record Revenue
EQ Resources Limited (ASX:EQR) has reported a striking rebound in tungsten production for July 2026, with consolidated output climbing 36% month-on-month to 14,255 metric tonnes unit (mtu). This surge propelled revenue to a record A$51 million, underscoring the company’s growing momentum in the critical minerals sector.
The production spike marks the highest monthly figure since November 2024, highlighting a significant operational upswing across EQR’s portfolio. Sales volumes also reached a record 14,756 mtu, supported by an average realised price of US$2,386 per mtu, itself a new peak.
Barruecopardo Leads with 48% Output Growth
The Spanish tungsten mine at Barruecopardo was the standout performer, lifting production by 48% from June to 9,667 mtu; the highest monthly total since December 2025. Sales volumes at Barruecopardo hit 11,074 mtu, generating A$39 million in revenue on an average realised price of US$2,449 per mtu.
This robust output follows the company’s ongoing efforts to optimise the Barruecopardo operation amid challenging European mining conditions. The price strength at this site exceeds the group average, reflecting favourable market dynamics for tungsten sourced from this region.
Mt Carbine’s Steady Growth Supports Expansion
Meanwhile, EQR’s Mt Carbine mine in North Queensland posted a 16% increase in production to 4,588 mtu, with sales volumes of 3,682 mtu generating a record A$12 million revenue. The average realised price at Mt Carbine was US$2,195 per mtu, somewhat below Barruecopardo but still contributing solidly to group performance.
Mt Carbine’s steady growth aligns with the company’s recent approval of a A$39 million expansion project aimed at doubling crushing capacity, targeting commissioning in Q3 FY2027. This development is expected to support further production gains in the medium term.
Positioning Amid Supply Tightness and Market Dynamics
EQ Resources’ record revenue and production gains come amid a tightening global tungsten supply, driven by geopolitical tensions and rising demand for critical minerals. The company’s dual-asset strategy across Australia and Spain positions it well to leverage these market conditions.
While the announcement does not provide explicit forward guidance or cost details, the strong price realisations and volume increases reinforce EQR’s operational resilience and pricing power. Investors will be keen to see if this momentum sustains in coming months as the Mt Carbine expansion progresses and Barruecopardo continues optimisation.
Bottom Line?
July’s production and pricing surge sets a high bar for EQ Resources, but sustaining this momentum will be key as expansion projects ramp up.
Questions in the middle?
- Can EQR maintain or improve July’s record production levels in the coming months?
- How will the Mt Carbine expansion impact cost structures and output from Q3 FY2027?
- Will tungsten prices hold at these elevated levels amid evolving global supply dynamics?
