EQ Resources (EQR) H2 2025 earnings summary

Executive summary

• Revenue increased to $66.1 million, up 146% year-over-year, driven by record production at both Mt Carbine (Australia) and Saloro (Spain) operations.

• Net loss after tax widened to $39.2 million (2024: $14.4 million loss), reflecting higher production costs, impairment charges, and significant investment in growth initiatives.

• Major milestones included the acquisition of the remaining 50% of the Mt Carbine JV, transition to owner-operator mining, and execution of five long-term offtake agreements valued at US$124 million.

• Substantial equity raisings and new strategic partnerships, including a $3 million investment from Square Resources and a $30 million offtake deal with Elmet Technologies.

• Saloro operations achieved rapid turnaround, delivering record EBITDA and cash-positive status within nine months of acquisition.

Financial highlights

• Revenue: $66.1 million (2024: $26.8 million), up 146% year-over-year.

• Net loss after tax: $39.2 million (2024: $14.4 million loss).

• EBITDA: $(21.6) million (2024: $(5.2) million).

• Cash and cash equivalents: $1.87 million at year-end (2024: $3.49 million).

• Net assets: $36.3 million (2024: $44.3 million).

• Share capital increased by $31.3 million before costs through multiple placements and SPPs.

Outlook and guidance

• Focus on ramping up production at both Mt Carbine and Saloro, with further capacity expansions planned for FY2026.

• Anticipated benefits from the installation of a third XRT Ore Sorter at Saloro and a new Sandvik Crushing and Screening Plant at Mt Carbine.

• Ongoing due diligence for the acquisition of Tungsten Metals Group, targeting vertical integration and downstream diversification.

• Continued pursuit of long-term debt funding, including a US EXIM Bank facility for Mt Carbine expansion.