EQ Resources (EQR) Q2 2026 TU earnings summary

Executive summary

• Achieved record mining and processing at Barruecopardo and Mt Carbine, with significant increases in material blasted, extracted, and processed in Q2 FY2026 compared to previous quarters.

• Barruecopardo delivered its second-highest quarterly concentrate production, with over 12,000 mtu produced in October 2025.

• Mt Carbine advanced South Wall stripping, positioning for access to higher-grade ore in Q3 FY2026.

• Strengthened balance sheet via A$34 million equity raising and conversion of A$7.25 million debt to equity.

• Positive group operating cash flow of A$1.15 million, with Barruecopardo generating A$14.2 million.

Financial highlights

• Cash receipts from sales rose 49% to A$21.8 million for the quarter.

• Cash on hand at 31 December 2025 was A$22 million, with an additional A$3.2 million available via debt facilities.

• Net cash from operating activities was A$1.15 million; investing activities used A$2.66 million; financing activities provided A$12 million.

• Barruecopardo generated A$14.2 million in operating cash flow; Mt Carbine had negative A$10.9 million due to accelerated stripping.

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

Outlook and guidance

• Mt Carbine remains on track to access the higher-grade Iolanthe vein in Q3 FY2026.

• Ongoing focus on plant optimisation and throughput maximisation at Barruecopardo.

• Market sentiment and supply constraints support continued strong tungsten prices into early 2026.