What EQ Resources does

EQ Resources Limited (ASX:EQR) is an Australian-listed tungsten mining company headquartered in Melbourne with operating mines at Mt Carbine in North Queensland, Australia, and Barruecopardo in Salamanca, Spain (the latter operated through wholly-owned subsidiary Saloro S.L.U., acquired in January 2024). The company produces tungsten concentrate using conventional open-pit mining combined with X-ray ore sorting, sensor-based sorting, and gravity separation technologies, and additionally reprocesses historic mine waste and tailings, reportedly achieving 79.5% tungsten recovery at Mt Carbine. Following the Saloro acquisition, EQR became the only ASX-listed tungsten producer with both Australian and European operations and is positioned as Europe's largest tungsten producer.

The company's revenue model is the extraction, processing, and sale of tungsten concentrate, distributed primarily through long-term offtake agreements with strategic industrial, technology, and defense customers rather than through traditional distribution channels. A flagship five-year offtake with Elmet Technologies LLC (the only US-owned fully integrated tungsten manufacturer) is valued at approximately A$30 million. Customer segmentation spans industrial and defense manufacturers (primary) and the technology and clean energy sector (secondary), with the core value proposition being secure, traceable, non-China tungsten supply for Western supply chains. The company also operates ancillary quarrying at Mt Carbine to extract additional value from historic waste.

Funding and capital structure reflect an active capital-raise cadence since 2024, including a US$25 million placement with Oaktree Capital Management, a A$2 million advance from Elmet, a planned A$34 million raise announced in December 2025, and ongoing share purchases by Elmet that brought its stake to 23,652,634 shares by June 2026. EQR holds the 2022 AMEC Environmental Award for sustainable mining practices and operates under a corporate structure emphasizing circular economy and ESG positioning; headcount is 51-100 employees.

Name

EQ Resources

Legal name

EQ Resources Limited

Website

https://eqresources.com.au

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

EQ Resources Limited (ASX:EQR) is an Australian-listed tungsten mining company operating the Mt Carbine mine in Queensland and the Barruecopardo mine in Spain, supplying tungsten concentrate to industrial, technology and defense customers via long-term offtake agreements as the largest Western non-China producer.

Ownership category

akta.pro rank

Product category

Tungsten Mining & Concentrate Production

NAICS

Other Metal Ore Mining (21229), Copper, Nickel, Lead, and Zinc Mining (212230), Support Activities for Metal Mining (213114)

SIC

Metal Mining (1000)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

Keywords

• Tungsten mining
• Tungsten concentrate production
• Critical minerals supply
• Ore processing technology
• Mine tailings reprocessing

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Tungsten Concentrate Sales: EQR generates revenue through the extraction, processing, and sale of tungsten concentrate from its Mt Carbine mine in Australia and Barruecopardo mine in Spain. Revenue is derived from long-term offtake agreements with strategic partners and spot sales into the global tungsten market.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

EQ Resources extracts and processes tungsten-bearing ore at its Mt Carbine Tungsten Mine in North Queensland, Australia, and the Barruecopardo Tungsten Mine in Salamanca, Spain, to produce tungsten concentrate for industrial, technology, and defense end-markets. The company also operates Mt Carbine Quarrying, reprocessing historic mine waste and tailings to recover additional tungsten using sensor-based sorting and gravity separation technologies.

Product overview

EQ Resources operates as a tungsten mining company with a two-pillar strategy: the Mt Carbine Tungsten Mine in North Queensland, Australia, and the Barruecopardo Tungsten Mine in Salamanca, Spain (operated through subsidiary Saloro S.L.U.). Both operations utilize technology-enabled processing including sensor-based sorting and gravity separation to produce tungsten concentrate for industrial, technology, and mission-critical applications. The company also operates Mt Carbine Quarrying to extract value from historic mine waste.

Differentiator

Problem solved

Functional benefit

Products and services

• Mt Carbine Tungsten Mine Open-pit mining operation in North Queensland, Australia, producing tungsten concentrate. Currently Australia's only primary tungsten producer, utilizing sensor-based sorting and gravity separation technologies to process tungsten-bearing ore for industrial, technology and defense end-markets.
• Barruecopardo Tungsten Mine Open-pit tungsten mining operation located in Salamanca, Spain, operated by Saloro S.L.U. (a wholly owned subsidiary of EQR). Produces tungsten concentrate for European industrial and defense markets; mine life extended to 2034 following a 39% increase in ore reserves post-acquisition.
• Mt Carbine Quarrying Quarrying operations at the Mt Carbine site that process historic mine waste and tailings to recover tungsten and other minerals using sensor-based sorting technology, supporting a circular-economy approach to resource recovery.

Quantifiable outcome

• 33% production increase in Q4 2025 compared to previous quarter
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Elmet GroupcoreStrategic or Co-development Partner · 3 September 2024Elmet Technologies LLC, the only U.S.-owned and fully integrated tungsten manufacturer, entered a strategic collaboration and multi-year offtake contract with EQR. Elmet invested A$2.0 million as an advance payment to secure offtake allocation estimated at A$30 million over five years. EQR granted Elmet 20,000,000 options as parties jointly pursue U.S. Government programs for critical materials supply. Elmet increased its stake to 23,652,634 shares by exercising options on 20 million additional shares in June 2026.
• Masan High-Tech MaterialsminorStrategic or Co-development PartnerEQR signed a Partnership MOU with Masan High-Tech Materials (operator of the Nui Phao Tungsten Mine in Vietnam) in April 2023, coinciding with Australia-Germany Critical Minerals Cooperation announcements.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Almonty Industries: Canadian-listed pure-play tungsten mining company advancing the Sangdong mine in South Korea and other tungsten assets. The closest direct Western tungsten peer to EQR, competing in the same non-China supply narrative and downstream offtake markets.
• Largo Resources: Canadian-listed specialty miner producing vanadium and holding tungsten exposure (Maracas project). Comparable as a small-cap, publicly listed critical minerals producer targeting industrial end markets similar to EQR's customer base.
• Tungsten Mining NL: ASX-listed Australian tungsten exploration and development company focused on Queensland tungsten assets. Directly comparable by commodity, geography, and listing venue to EQR's Mt Carbine operations.
• Thor Mining: ASX-listed diversified critical minerals developer with tungsten projects (Molyhil) alongside copper and uranium. Comparable as a small-cap ASX critical minerals developer targeting non-China supply themes.
• Hazelwood Resources: ASX-listed company historically focused on tungsten (Big Hill/Hill End projects in Australia). Comparable by commodity focus and small-cap Australian tungsten developer positioning.

Broad incumbents

• Masan High-Tech Materials: Vietnamese operator of the Nui Phao tungsten mine and a major global tungsten midstream player. EQR signed a Partnership MOU with Masan in 2023, and former Masan CEO Craig Bradshaw now leads EQR, making Masan both a strategic counterparty and a benchmark tungsten operator.
• Mitsubishi Materials (Tungsten Business): Major Japanese diversified materials group that acquired H.C. Starck Tungsten Powders in late 2024. Comparable as a large incumbent tungsten processor with downstream integration similar to where EQR is positioning via its Elmet relationship.
• Sandvik: Swedish engineering group with tungsten mining exposure through its Rock Processing segment and tungsten carbide tooling. Relevant incumbent comparable for tungsten demand from industrial cutting and mining tool applications.
• Kennametal: US-listed tungsten carbide and tooling manufacturer with internal tungsten sourcing needs. Comparable as a downstream buyer profile similar to Elmet, and an indicator of Western tungsten end-market demand.

Emerging players

• Atlas Tungsten: Emerging Australian tungsten developer focused on tungsten assets. Comparable as a junior Australian tungsten counterpart competing for the same non-China critical minerals capital and policy support.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/EQResourcesASX
• LinkedInau.linkedin.com/company/eq-resources-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EQ Resources