EQ Resources (EQR) investor relations material

Executive summary

• Revenue for H1 FY2026 rose 26% year-over-year to $43.96 million, with tungsten concentrate production totaling 67,126 mtu across Mt Carbine and Barruecopardo mines.

• Net loss after tax narrowed significantly to $6.96 million from $23.69 million in the prior year period.

• Positive operating cash flow was achieved in Q2, driven by improved sales and operational performance, especially at Barruecopardo.

• Major balance sheet strengthening included $56.5 million in new equity, debt-to-equity conversions, and refinancing of €15 million Spanish debt.

Financial highlights

• Revenue: $43.96 million (up from $34.84 million year-over-year).

• Net loss: $6.96 million (improved from $23.69 million loss year-over-year).

• Cash on hand at period end: $15.7 million; total assets: $212.9 million; net assets: $97.7 million.

• Positive operating cash flow of $1.15 million in Q2, with $14.2 million generated from Barruecopardo.

• Current liabilities reduced by $24.45 million, including a €3.5 million reduction in Spanish debt.

Outlook and guidance

• Access to higher-grade ore at Mt Carbine expected in H2 FY2026, anticipated to improve production and cash flow.

• Tungsten market fundamentals remain strong, with APT prices up nearly 300% since February 2025.

• Five-year offtake agreement with Traxys Europe S.A. provides sales certainty and aligns funding with production.