EQ Resources shares rise amid record tungsten prices

Shares of EQ Resources Ltd. rose 11.04% to 42.75 Australian cents following a surge in global tungsten prices. Benchmark prices for ammonium paratungstate (APT) have reached record highs, climbing from approximately $900 per metric tonne unit at the start of the year to recent ranges between $1,080 and $1,325.

The price increase is driven by a global supply crunch, largely attributed to export restrictions and declining mine output in China. This has heightened demand for tungsten in the defense, aerospace, and semiconductor sectors.

EQ Resources is positioned as a significant Western producer outside of China, operating the Mt Carbine project in Queensland, Australia, and the Barruecopardo mine in Spain. The company's growth aligns with efforts by Western governments to diversify critical mineral supply chains to mitigate risks to military manufacturing capacity.