EQ Resources (EQR) Q1 2027 earnings summary

Executive summary

• Record Q1 FY2027 revenue of A$158.8m, production of 51,233 mtu and sales of 49,715 mtu followed a strong operational recovery after weather delays in Spain and Queensland.

• Barruecopardo delivered record production, while Mount Carbine output improved but equipment reliability remained a constraint.

• Expansion, drilling across three projects and U.S. downstream tungsten processing underpin growth plans.

Financial highlights

• Revenue reached a record A$158.8m, up 101% from Q4 FY2026; unaudited quarterly EBITDA was A$122.5m and NPAT A$114m.

• Net operating cash flow was A$75.568m; closing cash was A$82.384m, versus A$28.180m at quarter start.

• Customer receipts were A$126.643m; receivables were A$51.5m at 30 September 2026.

Outlook and guidance

• FY2027 guidance: production of 240,000–280,000 mtu, production cash costs of A$595–691/mtu (US$416–483/mtu), and capex of A$80–100m.

• The A$39m Mount Carbine plant expansion and automation project remained on budget and on track for Q3 FY2027 commissioning; crushing capacity is expected to rise from ~1mtpa to ~2mtpa.

• Updated resource estimates for Barruecopardo, Mount Carbine and Wolfram Camp are on track for FY2027; monthly performance updates will cease under formal guidance.

• U.S. listing remains targeted for 2027, likely H2, subject to PCAOB audits and updated S-K-compliant resources and reserves.