# EQ Resources tungsten project expansion

> Live situation record from CLSTR: https://clstr.news/situations/eq-resources-tungsten-project-expansion
> Updated: 2026-08-03T09:42:03.000Z. Sources: 7. Developments: 3.

In mid‑July 2026 EQ Resources completed a $900,000 cash‑and‑share deal to acquire Aus Critical Minerals and the TTTP1 permit, expanding the Mt Carbine exploration area by 45 % to about 1,136 km² and adding a mining lease at Mt White together with surface tungsten stockpiles for its processing plant.

A week later, Australian billionaire Andrew Forrest, through his vehicle Wonongarra, bought Oaktree Capital’s 16.8 % stake in EQ Resources for roughly $190 million. The company said the change in cornerstone ownership will not affect day‑to‑day operations, but will shift voting rights, and Forrest framed the purchase as an endorsement of Australian jobs and critical‑mineral supply chains.

In early August the company reported a record July tungsten revenue of A$51 million, driven by a 36 % rise in production to 14,756 tonnes. Output came from the Barruecopardo mine in Spain (9,667 tonnes, +48 %) and the Mt Carbine mine in Queensland (4,588 tonnes, +16 %). The higher volume lifted the average realised price to US$2,386 per tonne, reinforcing EQ Resources’ strategy to build a non‑Chinese, district‑scale tungsten supply chain.

## Timeline

### 2026-08-03: Tungsten Producers American Tungsten, EQ Resources Post Production Gains

American Tungsten’s Idaho ore shoots and OTCQX move lift its stock, while EQ Resources posts record July tungsten revenue and production gains in Spain and Queensland.

2 sources. https://clstr.news/cluster/tungsten-producers-american-tungsten-eq-resources-post-production-gains

### 2026-07-20: Andrew Forrest acquires 16.8% stake in EQ Resources tungsten miner

Andrew Forrest’s Wonongarra bought a 16.8% stake (~$190 million) in EQ Resources, the Australian‑Spain tungsten miner, with no operational changes expected.

4 sources. https://clstr.news/cluster/andrew-forrest-acquires-168-stake-in-eq-resources-tungsten-miner

### 2026-07-13: EQ Resources expands tungsten holdings; ECR Minerals issues shares to directors

EQ Resources acquires assets to expand its Mt Carbine tungsten project, while ECR Minerals issues 57.7 million shares to directors as remuneration, pending AIM admission.

2 sources. https://clstr.news/cluster/eq-resources-expands-tungsten-holdings-ecr-minerals-issues-shares-to-directors

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Cite as: EQ Resources tungsten project expansion. CLSTR, https://clstr.news/situations/eq-resources-tungsten-project-expansion