EQ Resources (EQR) investor relations material

Executive summary

• Achieved record quarterly revenue of A$79 million, up 140% quarter-on-quarter, and record operating cash flow of A$22.5 million, driven by higher production and strong tungsten prices.

• Cash on hand at 30 June 2026 was A$28 million, with A$17 million in accounts receivable.

• Group tungsten production rose 20% to 28,315 mtu, led by a 176% increase at Mt Carbine as higher-grade ore was accessed.

Financial highlights

• Operating cash flow for the quarter was A$22.5 million, reversing a negative A$11.5 million in the prior quarter.

• Revenue reached A$79 million, up from A$33 million in Q3 FY2026.

• Closing cash balance was A$28 million, with net cash from financing activities of A$3.5 million.

• Nominal cash cost per mtu increased due to production mix and higher input costs but is expected to decline as production ramps up.

Outlook and guidance

• Mt Carbine expansion project approved, targeting full commissioning in Q3 FY2027, expected to double crushing capacity and add 500 tonnes of WO3 per annum.

• Barruecopardo expects improved ore grades and production as pit dewatering completes, supporting stronger output in Q1 FY2027.

• Tungsten market fundamentals remain strong, with prices up 4% quarter-on-quarter and 559% year-on-year.