EQ Resources turns higher tungsten output into record quarterly revenue
EQ Resources has reported its second-highest quarterly production performance and record quarterly revenue, with cash on hand rising 192% to A$82.3 million. Both Barruecopardo and Mt Carbine increased output, although the update does not disclose operating costs or cash flow.
- Cash on hand rose 192% quarter-on-quarter to A$82.3 million
- Quarterly production increased 81% to 51,233 mtu
- Record revenue of A$158.8 million from 49,715 mtu of sales
- Barruecopardo production surged 123% to a quarterly record
- Mt Carbine production increased 31% to 17,145 mtu
Add us as a preferred source on Google
Record revenue follows sharp production increase
EQ Resources Limited (ASX:EQR) has opened the new financial year with a powerful quarter, reporting record revenue of A$158.8 million and cash on hand of A$82.3 million at 30 September. Cash rose 192% quarter-on-quarter, while consolidated production climbed 81% to 51,233 mtu, the company’s second-highest quarterly result on record.
Sales volumes reached 49,715 mtu, up 101% from the previous quarter. The average realised price was US$2,248 per mtu, a 20% increase, although EQ Resources said the figure remains subject to final assays and reconciliation. The announcement gives no operating-cost, earnings or cash-flow figures, so the cash balance is the clearest financial measure disclosed in this update rather than a complete picture of quarterly profitability.
Barruecopardo supplies the largest production lift
The Spanish operation was the standout contributor. Barruecopardo delivered record production of 34,088 mtu, up 123% quarter-on-quarter, while sales reached 33,147 mtu at an average realised price of US$2,333 per mtu. That price was 32% higher than in the preceding quarter.
The result extends the production momentum captured in EQ Resources’ August production record, when the company reported a 34% monthly increase in consolidated output and record August revenue of A$55.1 million. The quarterly figures are not directly comparable with a single month, but they indicate that the stronger run-rate continued through September.
Mt Carbine adds steady growth ahead of expansion
Mt Carbine produced 17,145 mtu during the quarter, an increase of 31% quarter-on-quarter. Sales totalled 16,568 mtu at an average realised price of US$2,110 per mtu, up 6%.
That performance arrives as EQ Resources advances the A$39 million Mt Carbine expansion, which was approved earlier in the year and is targeting commissioning in the March quarter of 2027. The current filing does not provide an updated project schedule, costs or construction progress, leaving the next quarterly production report and the expansion milestones as important tests of whether the improved operating performance can be sustained.
Bottom Line?
The quarter shows unusually strong operating momentum, but the next test is whether higher production and pricing translate into repeatable cash generation once costs and final reconciliations are known.
Questions in the middle?
- How much of the A$82.3 million cash balance came from operating cash flow rather than other movements?
- Can Barruecopardo sustain its record production rate beyond the September quarter?
- Will Mt Carbine’s current growth provide a reliable base for the planned March 2027 expansion commissioning?
Sources
1-
Record Cash Generation on Higher Production (opens in a new tab)Verified company source. Eq Resources Limited · 6 Oct 2026 · eqresources.com.au
