EQ Resources (EQR) investor relations material

Executive summary

• Achieved a turnaround from acute liquidity and solvency challenges at the start of FY2026 to a recapitalised, profitable, and cash-generative position by year-end, with the strongest balance sheet in company history.

• Statutory net profit after tax of A$7.1 million (FY2025: loss of A$39.2 million) and EBITDA of A$50.6 million (FY2025: negative A$29.7 million).

• Raised A$56.5 million in new equity, settled A$25.8 million of debt via shares, and refinanced €15 million of external debt in Spain.

• Ended the year with A$28.2 million in cash and a net working capital surplus of A$16.2 million.

• Unmodified audit opinion, with going concern qualification removed.

Financial highlights

• Revenue increased to A$165.4 million (FY2025: A$66.1 million), driven by record June quarter revenue and strong tungsten prices.

• Net assets rose to A$154.3 million (FY2025: A$36.3 million).

• Cash flows from operating activities were negative A$5.6 million, but positive in the second half of the year.

• Share price at 30 June 2026 was A$0.29 (FY2025: A$0.041).

• No dividends declared or paid.

Outlook and guidance

• FY2027 priorities: step change in safety, weather-resilient operations, delivery of the Mt Carbine Expansion Project, and continued resource and reserve growth.

• Higher-grade ore zones open at both mines, strong balance sheet, and a robust tungsten price environment expected to support further growth.

• Commissioning of the A$39 million Mt Carbine Expansion Project expected in March 2027 quarter.