EQ Resources (EQR) Noosa Mining Investor Conference summary

Market overview and industry trends

• Tungsten is classified as a critical mineral in Australia, the EU, and the U.S., with global reserves of 3.7 million tons and annual production around 80,000 tons.

• China, Russia, and North Korea account for 87% of global tungsten production and 63% of reserves, leading to supply risks for Western markets.

• Geopolitical tensions and trade restrictions are removing 83% of tungsten supply from Western markets, tightening supply and supporting a bullish outlook.

• Tungsten prices have surged by approximately 40% in the past six months, reaching $450 per MTU.

• Demand is rising in defense, mining, construction, transport, and industrial sectors due to tungsten's unique properties and limited substitutes.

Operations and assets

• Operates two expandable tungsten mines: Mount Carbine in Australia and Barruecopardo/Saloro in Spain, both with long mine lives and expansion potential.

• Mount Carbine has a minimum eight-year mine life, a 19-year mining permit, and targets increased production to 1,700–1,750 tons, with only 19% of resources used.

• Barruecopardo/Saloro is Spain's largest tungsten mine, with a lease until 2044, production above 1,300 tons, and a third ore sorter installation planned for Q3 2025.

• Acquired Wolfram Camp near Mount Carbine for long-term development options.

• Recent $24.6 million capital raise in 2025 is allocated to debt reduction, working capital, and development.

Strategic partnerships and growth initiatives

• Collaborations with H.C. Starck, Masan High-Tech Materials, Almonty Industries, and Elmet Technologies strengthen global market access, supply chain integration, and funding opportunities.

• Masan is the exclusive offtaker for Australian production, and joint development projects are underway at Saloro.

• Grant and funding applications with the U.S. government and partners support supply chain initiatives and U.S. funding eligibility.

• Exploring acquisition of Tungsten Metals Group to integrate a major ferrotungsten smelter and diversify the product portfolio.

• Off-take agreements at spot pricing allow flexibility to benefit from rising prices, with shipments to leading U.S., European, and Asian customers.