--- title: "EQ Resources posts 33% QoQ production jump amid record tungsten prices" type: "News" locale: "en" url: "https://longbridge.com/en/news/271607246.md" description: "EQ Resources reported a 33% quarter-on-quarter increase in tungsten production, reaching 38,292 mtu, amid record APT prices exceeding $900/mtu. The company's 2025 Annual Report highlighted significant funding success and operational improvements, including a record EBITDA at Saloro. Recent financing agreements, including a €15 million prepayment facility and a $34 million equity placement, aim to de-risk operations and accelerate development. The tungsten market remains strong, driven by demand from new energy applications, with analysts forecasting a 6% increase in global demand in 2025. EQ Resources is well-positioned for future growth, contingent on sustained prices and execution." datetime: "2026-01-06T05:38:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271607246.md) - [en](https://longbridge.com/en/news/271607246.md) - [zh-HK](https://longbridge.com/zh-HK/news/271607246.md) --- # EQ Resources posts 33% QoQ production jump amid record tungsten prices EQ Resources has reported a significant **33%** quarter-on-quarter increase in tungsten production to **38,292 mtu**, coinciding with record high **APT** prices exceeding **$900/mtu**, marking a strong near-term revenue outlook. This production surge complements the company's strategic financing and operational developments detailed in its recent annual report. **Production Soars Amidst Record Tungsten Prices** EQ Resources delivered a strong operational performance for the quarter ending **31 December 2025**, reporting a **33%** quarter-on-quarter increase in tungsten production. Total output reached **38,292 mtu**. This production boost occurred during a period of rising tungsten prices. The **APT CIF Rotterdam/Baltimore** price was **$825 per mtu** on **26 December 2025**, representing a **42%** increase quarter-on-quarter. Prices continued their upward trajectory, reaching **$900 per mtu** by **2 January 2026**. These record price levels are set to bolster near-term revenue and profit margins for the company, which primarily focuses on its **Mt Carbine** project in **Australia** and **Barruecopardo** in **Spain**. **Annual Report Highlights Strategic Foundation** The company's **2025 Annual Report**, released earlier, laid out a robust strategic foundation. It highlighted significant funding success in **FY2025**, with total equity raised amounting to approximately **A$28.47 million**. A notable turnaround was achieved at **Saloro**, which delivered a record unaudited **EBITDA** of approximately **A$7.8 million** and became cash positive within nine months of acquisition. This was supported by upgrades at **Barruecopardo**, including **XRT** ore sorting and fines recovery. EQ Resources has also strategically expanded its **Mt Carbine** and **Saloro** platforms, including the acquisition of **100%** of the **Mt Carbine Retreatment JV**, exploring downstream exposure through **Elmet Technologies**, and the potential acquisition of **Tungsten Metals Group (TMG)**. **Recent Financing De-risks Operations** In **December 2025**, EQ Resources moved to further de-risk its operations through key financing agreements. The company signed a binding term sheet with **Traxys** for a **€15 million** three-year prepayment facility. This facility is designated to refinance existing **Saloro** debt and is paired with a **five-year** offtake agreement for a minimum of **3,500 tonnes WO3** (which equates to **7,000 tonnes** of concentrate). This long-term offtake offers significant revenue visibility, with a notional value estimated at approximately **A$400 million**. Furthermore, a successful **$34 million** equity placement at **5.0c** per share was undertaken in **December 2025**. This capital raise, alongside a potential conversion of an **A$7.25 million Oaktree** pre-royalty loan into equity (subject to shareholder approval), is designed to repay debt and trade payables, and accelerate development towards the high-grade **Iolanthe Vein** at **Mt Carbine** in **Q1 2026**. **Market Context Remains Strong** The broader tungsten market continues to exhibit strength, providing a favourable backdrop for EQ Resources. **APT** prices have been on an upward trend, rising approximately **37%** in **FY2025** to roughly **US$463/mtu**, and they are expected to rise significantly higher into **2026**. This market tightening is driven by demand growth from new energy and high-tech applications, including photovoltaic wafer cutting and lithium-ion batteries. Analysts forecast global tungsten demand to exceed **130,000 tonnes** of concentrate in **2025**, a **6%** year-on-year increase. Geopolitical factors, such as **China's** export controls on tungsten, have also contributed to a shift towards multi-year offtake contracts with secure, non-Chinese suppliers. This trend enhances revenue visibility for companies like EQ Resources and supports a robust critical minerals supply chain outside of **China**. **Outlook Tied to Price and Execution** EQ Resources is well-positioned to capitalise on strong tungsten prices and demand, evidenced by its recent production surge and robust annual report detailing strategic financing and operational turnarounds. The company's near-term outlook is positive, though longer-term success hinges on sustained price levels and disciplined execution across its expanding asset base and potential downstream ventures. ## Related News & Research - [‘It’s Not That Simple,’ Says Investor About Micron Stock](https://longbridge.com/en/news/296022896.md) - [Does Verizon’s Pixel 11 Push and AI Partnerships Reshape the Bull Case For Verizon Communications (VZ)?](https://longbridge.com/en/news/296016377.md) - [Activist Governance Risk Threatens Fermi Inc.’s Strategy, Valuation, and Financing Stability](https://longbridge.com/en/news/296014609.md) - [Private Advisory Group LLC Takes Position in L3Harris Technologies Inc $LHX](https://longbridge.com/en/news/296021980.md) - [Heritage Investors Management Corp Sells 9,615 Shares of ConocoPhillips $COP](https://longbridge.com/en/news/296017287.md)