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EQ Resources Limited
(Sydney:EQR)
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Rating:44Neutral
Price Target:
AU$0.28
â–¼(-26.05% Downside)
Action:Reiterated
Date:10/07/26
Overall score is weighed down primarily by negative operating and free cash flow despite improved profitability, and by weak near-term technicals with the price below key moving averages. Valuation is also a headwind given the very high P/E and no provided dividend yield support.
Positive Factors
Revenue Growth
The sharp FY2026 revenue increase indicates a substantial improvement in operating scale and market activity. If the company can maintain production and sales momentum, the larger revenue base may support better fixed-cost absorption and strengthen its ability to build a durable earnings platform.
Negative Factors
Negative Cash Generation
Negative operating and free cash flow indicate that reported profitability has not yet converted into self-funded operations. Continued cash burn could require external financing or constrain investment in mining and processing capacity, making execution and funding discipline important over the coming periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The sharp FY2026 revenue increase indicates a substantial improvement in operating scale and market activity. If the company can maintain production and sales momentum, the larger revenue base may support better fixed-cost absorption and strengthen its ability to build a durable earnings platform.
Read all positive factors
EQ Resources Limited (EQR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.51B
Dividend YieldN/A
Average Volume (3M)61.64M
Price to Earnings (P/E)286.4
Beta (1Y)1.77
Revenue Growth150.47%
EPS GrowthN/A
CountryAU
Employees259
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)<0.01
Shares Outstanding5,191,349,600
10 Day Avg. Volume35,428,640
30 Day Avg. Volume61,641,703
Financial Highlights & Ratios
PEG Ratio-1.46
Price to Book (P/B)7.35
Price to Sales (P/S)6.85
P/FCF Ratio-64.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.54Price Target Upside40.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.07
Revenue Forecast (FY)AU$700.15M
EQ Resources Limited Business Overview & Revenue Model
Company Description
EQ Resources Ltd. engages in mineral exploration, mining evaluation and development. It focuses on the Mt Carbine tungsten mine near Cairns in north Queensland. The company was founded on June 28, 2005 and is headquartered in Mt Carbine, Australia....
How the Company Makes Money
EQR makes money primarily by producing and selling tungsten products. Its core revenue stream is the sale of tungsten concentrate (and/or other tungsten-bearing products where applicable) produced from its mining and processing operations; revenue...
EQ Resources Limited Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 165.44M | 66.33M | 26.48M | 5.04M | 4.01M |
| Gross Profit | 29.92M | -3.57M | -11.32M | -7.17M | -5.41M |
| EBITDA | 36.05M | -16.26M | -19.00M | -3.11M | -5.98M |
| Net Income | 7.11M | -39.31M | -28.26M | -3.72M | -6.06M |
Balance Sheet | |||||
| Total Assets | 255.44M | 189.27M | 166.29M | 55.15M | 31.28M |
| Cash, Cash Equivalents and Short-Term Investments | 28.66M | 1.87M | 3.49M | 6.15M | 1.72M |
| Total Debt | 36.79M | 64.77M | 45.72M | 7.23M | 6.53M |
| Total Liabilities | 101.17M | 152.98M | 109.66M | 38.84M | 16.96M |
| Stockholders Equity | 154.27M | 36.29M | 56.63M | 16.30M | 14.32M |
Cash Flow | |||||
| Free Cash Flow | -17.67M | -19.20M | -27.24M | -8.77M | -9.56M |
| Operating Cash Flow | -5.59M | -16.92M | -12.70M | -1.39M | -3.11M |
| Investing Cash Flow | -23.43M | -11.38M | -18.90M | -10.96M | -6.44M |
| Financing Cash Flow | 55.65M | 26.76M | 21.56M | 16.01M | 7.79M |
EQ Resources Limited Technical Analysis
Neutral
0.38
Price Trends
0.37
Negative
0.32
Negative
0.29
Negative
Market Momentum
-0.03
Positive
40.28
Neutral
52.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EQR, the sentiment is Neutral. The current price of 0.38 is above the 20-day moving average (MA) of 0.32, above the 50-day MA of 0.37, and above the 200-day MA of 0.29, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 40.28 is Neutral, neither overbought nor oversold. The STOCH value of 52.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:EQR.
EQ Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$679.57M | 0.62 | 78.56% | ― | ― | ― | |
55 Neutral | AU$880.82M | -16.85 | -5.34% | ― | ― | -13.41% | |
44 Neutral | AU$1.51B | 286.36 | 5.65% | ― | 150.47% | ― | |
44 Neutral | AU$679.73M | -23.67 | -8.08% | 2.98% | ― | 10.09% | |
44 Neutral | AU$279.87M | -10.68 | -10.92% | ― | ― | -69.23% | |
42 Neutral | AU$569.61M | -2.81 | -7.06% | ― | -33.21% | -21.79% |
* Basic Materials Sector Average
AU:EQR
EQ Resources Limited
0.29
0.25
574.42%
AU:ARU
Arafura Resources
0.15
-0.23
-61.33%
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Core Lithium Ltd
0.21
0.10
90.91%
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0.39
0.16
65.96%
AU:GLN
Galan Lithium Limited
0.22
0.07
41.94%
AU:VUL
Vulcan Energy Resources Ltd.
1.19
-3.76
-75.97%
EQ Resources Limited Corporate Events
EQ Resources Posts Record Quarter as Tungsten Output Surges and Costs Fall
Oct 27, 2026
EQ Resources reported record quarterly financial results for the period ended 30 September 2026, driven by surging tungsten production and firm pricing across its Mt Carbine and Barruecopardo operations. Revenue more than doubled to A$158.8 millio...
EQ Resources Sets Fully Virtual AGM for November 2026
Oct 27, 2026
EQ Resources Limited has scheduled its Annual General Meeting for Wednesday, 25 November 2026, at 3:30pm AEDT, to be conducted virtually via a Zoom webinar. The company is implementing a fully digital approach to meeting participation, with the no...
EQ Resources Director Increases Indirect Shareholding via On-Market Trades
Oct 20, 2026
EQ Resources Limited has reported a change in the indirect shareholding of director Michael Peter Joseph Nossal, reflecting additional on-market purchases through entities associated with his family trust and superannuation fund. Following the tra...
EQ Resources Trims Derivative Exposure as EQRAB Options Cease
Oct 19, 2026
EQ Resources Limited has notified the market of the cessation of 730,877 EQRAB options, which were due to expire on January 9, 2029 with an exercise price of $0.15. The options ceased on October 16, 2026 for reasons classified as “other,R...
EQ Resources Issues New Shares Under Cleansing Notice, Affirms Compliance
Oct 19, 2026
EQ Resources Limited has issued 3,730,123 fully paid ordinary shares on 16 October 2026 through a combination of option exercises, cashless option exercises under its Employee Incentive Plan, and the vesting of performance rights. The company has ...
EQ Resources Seeks ASX Quotation for 3.7 Million New Shares
Oct 19, 2026
EQ Resources Limited has lodged an application with the ASX for quotation of additional ordinary fully paid shares under its existing ticker EQR. The filing details the issuance of 3,730,123 new securities dated 16 October 2026, expanding the tota...
EQ Resources posts record cash and revenue on surging tungsten output
Oct 5, 2026
EQ Resources reported a sharp uplift in quarterly performance, underpinned by stronger production and pricing across its tungsten operations in Australia and Spain. For the quarter ended 30 September 2026, group cash on hand surged to A$82.3 milli...
EQ Resources Files Updated ASX Corporate Governance Statement for FY2026
Sep 29, 2026
EQ Resources Limited has lodged its corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 30 June 2026. The statement, current as of 30 September 2026, is hosted on the company’s website and ou...
EQ Resources Releases 2026 Annual Report Detailing Global Tungsten Operations
Sep 29, 2026
EQ Resources Limited has released its 2026 Annual Report, outlining its operational performance and financial position across key assets including the Barruecopardo mine in Spain and the Mount Carbine operations in Australia. The report details re...
EQ Resources Trims Option Pool with Cessation of Over 3.2 Million Securities
Sep 28, 2026
EQ Resources Limited has notified the Australian Securities Exchange of changes to its issued capital structure. The company reported the cessation of several series of options, each with different exercise prices and expiry dates, effective 28 Se...
EQ Resources Issues Over 6.7 Million New Shares and Confirms Compliance for Trading
Sep 28, 2026
EQ Resources Limited has issued 6,768,515 new fully paid ordinary shares, including 1,200,000 shares from the exercise of options at specified strike prices and 5,568,515 shares from cashless option exercises by employees. The company has lodged a...
EQ Resources Seeks ASX Quotation for 6.8 Million New Shares
Sep 28, 2026
EQ Resources Limited has applied for quotation on the ASX of 6,768,515 new ordinary fully paid shares, with an issue date of 28 September 2026. The application under Appendix 2A signals an increase in the company’s tradable equity, potential...
EQ Resources Issues New Shares and Explores Expansion of North Queensland Tenements
Sep 23, 2026
EQ Resources Limited, a tungsten-focused miner listed on the ASX, is expanding its operations at Mt Carbine in North Queensland and Barruecopardo in Spain. The company aims to grow its portfolio of critical mineral assets using advanced processing...
EQ Resources Updates Market on Cessation of EQRAB Options
Sep 23, 2026
EQ Resources Limited has notified the market of a change to its capital structure, confirming the cessation of a specific class of options. The options, coded EQRAB and exercisable at $0.15 until January 9, 2029, saw 303,731 units cease on Septemb...
EQ Resources Seeks ASX Quotation for 8 Million New Shares
Sep 23, 2026
EQ Resources Limited has applied to the Australian Securities Exchange for quotation of 8,054,603 new ordinary fully paid shares, to be issued on 22 September 2026. The additional securities, arising from the exercise or conversion of existing ins...
EQ Resources Streamlines Capital Structure With Option Cessation
Sep 21, 2026
EQ Resources Limited has notified the market of the cessation of 1,290,323 options, classified as EQRAB OPTION EXPIRING 09-JAN-2029 EX $0.15, effective 21 September 2026. The move adjusts the company’s outstanding options profile, slightly s...
EQ Resources Expands Share Capital as It Pursues North Queensland Growth Options
Sep 21, 2026
EQ Resources Limited has issued 4,024,492 new fully paid ordinary shares, comprising 1,314,815 shares from the exercise of options at $0.0675 and 2,709,677 shares via cashless option exercises by employees. The issuance was conducted without a pro...
EQ Resources Seeks ASX Quotation for Over 4 Million New Shares
Sep 21, 2026
EQ Resources Limited has applied to the ASX for quotation of 4,024,492 new ordinary fully paid shares. The securities are scheduled to be issued and quoted on September 21, 2026, under the company’s existing ticker EQR.The additional share q...
EQ Resources Issues New Shares on Option Exercise, Confirms Regulatory Compliance
Sep 16, 2026
EQ Resources Limited has issued 2,125,000 new fully paid ordinary shares following the exercise of options priced at $0.0675 each. The company stated that the shares were issued without a prospectus under the Corporations Act, and confirmed ongoin...
EQ Resources Seeks ASX Quotation for 2.1 Million New Shares
Sep 16, 2026
EQ Resources Limited has applied to the ASX for quotation of 2,125,000 new ordinary fully paid shares, dated September 17, 2026. The securities are being listed following the exercise or conversion of existing options or other convertible instrume...
EQ Resources Joins Nevada Tungsten JV to Restart Springer APT Plant
Sep 14, 2026
EQ Resources has entered a binding framework agreement with The Elmet Group and Blue Moon Metals to form a joint venture that will restart and operate the 4,000 tonne-per-annum Springer ammonium paratungstate plant in Nevada. Under the proposed st...
EQ Resources Seeks Trading Halt Ahead of U.S. Joint Venture Announcement
Sep 13, 2026
EQ Resources Limited has requested a trading halt in its securities on the ASX, effective immediately, as it prepares to release an announcement on a material agreement to establish a joint venture in the United States. The company and ASX supervi...
EQ Resources Issues New Shares as It Explores Expansion Around Mt Carbine
Sep 6, 2026
EQ Resources Limited has issued 2,504,376 new fully paid ordinary shares following the exercise of options at $0.0675 per share, confirming the issue was made without a prospectus under the Corporations Act’s disclosure exemptions. The compa...
EQ Resources Seeks ASX Quotation for 2.5 Million New Shares
Sep 6, 2026
EQ Resources Limited has applied to the ASX for quotation of 2,504,376 new ordinary fully paid shares, with an issue date of 4 September 2026. The additional securities arise from the exercise or conversion of existing options or other convertible...
EQ Resources Issues New Shares and Pursues Expansion Around North Queensland Mine
Aug 28, 2026
EQ Resources Limited has issued 4,150,000 new fully paid ordinary shares, comprising 4,000,000 shares from the exercise of options at $0.0675 each and 150,000 shares from the cashless exercise of employee options under its incentive plan. The comp...
EQ Resources Issues New Shares as It Pursues Expansion Around North Queensland Tungsten Operations
Aug 28, 2026
EQ Resources Limited has issued 872,130 new fully paid ordinary shares, comprising 349,630 shares from the exercise of options at $0.0675 and 522,500 shares from the vesting of performance rights, and has confirmed the issuance was conducted witho...
EQ Resources Seeks ASX Quotation for New Batch of Ordinary Shares
Aug 28, 2026
EQ Resources Limited has applied to the ASX for quotation of 872,130 new ordinary fully paid shares, issued on 27 August 2026 following the exercise or conversion of existing options or other convertible securities. The additional quoted securitie...
EQ Resources Names New Director, Reports No Share Interests
Aug 27, 2026
EQ Resources Limited has appointed Nicole Anne Brook as a director effective 25 August 2026, lodging an Initial Director’s Interest Notice with the ASX in accordance with listing rule 3.19A.1 and section 205G of the Corporations Act. The fil...
EQ Resources Names New Director and Discloses Equity Interests
Aug 27, 2026
EQ Resources Limited has appointed Constandinos Dermedgoglou as a director effective 26 August 2026, formalising his role under ASX listing rules and Australian corporate disclosure requirements. The filing also discloses that Dermedgoglou’s...
EQ Resources overhauls board as it gears up for U.S. listing
Aug 24, 2026
EQ Resources has strengthened its board as it positions itself as an emerging mid-tier mining company and prepares for a planned U.S. listing. The company appointed mining engineer and industry veteran Nicole Brook as an independent Non-Executive ...
EQ Resources issues new shares and flags potential expansion around Mt Carbine
Aug 20, 2026
EQ Resources has issued 686,225 fully paid ordinary shares following the exercise of employee options, including cashless exercises under its incentive plan. The company has lodged the required cleansing notice under Section 708A of the Corporatio...
EQ Resources Seeks ASX Quotation for Additional Ordinary Shares
Aug 20, 2026
EQ Resources Limited has applied for quotation on the ASX of 686,225 new ordinary fully paid shares, with the securities to be traded under its existing ticker EQR. The shares, issued on 19 August 2026 following the exercise or conversion of exist...
EQ Resources Director Increases Shareholding as Performance Rights Vest and Lapse
Aug 14, 2026
EQ Resources Limited has reported changes in the securities held by director Craig Richard Bradshaw, following the vesting and lapsing of performance rights under the company’s Employee Securities Incentive Plan. Bradshaw’s direct hold...
EQ Resources Streamlines Capital Structure as Rights and Options Lapse
Aug 13, 2026
EQ Resources Limited has reported the cessation of a total of 10,628,059 equity-linked securities, including performance rights and options, from its issued capital. The move reflects the expiry of 10,481,000 performance rights without exercise an...
EQ Resources Issues New Shares and Flags Ongoing Tenement Talks
Aug 13, 2026
EQ Resources has issued 3,313,441 new fully paid ordinary shares through a mix of option exercises, cashless employee option exercises and the vesting of performance rights, all without a prospectus under Australian Corporations Act provisions. Th...
EQ Resources Seeks ASX Quotation for 3.3 Million New Shares
Aug 13, 2026
EQ Resources Limited has applied for quotation on the ASX of 3,313,441 new ordinary fully paid shares, with an issue date of 12 August 2026. The additional securities, arising from the exercise or conversion of existing instruments, modestly expan...
EQ Resources Cuts Outstanding Options in Capital Structure Update
Aug 10, 2026
EQ Resources Limited has notified the market of the cessation of certain listed options as part of an update to its issued capital structure. The company reported that 415,949 EQRAB options, expiring 9 January 2029 with an exercise price of $0.15,...
EQ Resources Lists 4.4 Million New Shares on ASX
Aug 10, 2026
EQ Resources Limited has applied for quotation on the ASX of 4,431,807 new ordinary fully paid shares, issued on 7 August 2026 under its code EQR. The additional securities arise from the exercise or conversion of existing options or other convert...
EQ Resources Issues 10 Million Unquoted Options Under Employee Incentive Scheme
Aug 6, 2026
EQ Resources Limited has notified the market of the issuance of 10 million unquoted options under its employee incentive scheme, each exercisable at $0.40 and expiring on 14 July 2029. The move underscores the company’s use of equity-based i...
EQ Resources Seeks ASX Quotation for Newly Issued Shares
Aug 4, 2026
EQ Resources Limited has applied for quotation of 293,667 ordinary fully paid shares on the Australian Securities Exchange, with the securities issued on August 4, 2026. The new listing of shares reflects routine capital management activity and mo...
EQ Resources Delivers Record Monthly Revenue on Surging Tungsten Output
Aug 4, 2026
EQ Resources Limited, an ASX-listed global tungsten producer, operates major mining and processing projects at Mt Carbine in North Queensland and Barruecopardo in Spain. The company targets sustainable extraction of tungsten, a critical mineral us...
EQ Resources Discloses Final Director Interest After Layton Exit
Jul 31, 2026
EQ Resources Limited has notified the ASX that non-executive director Stephen Layton ceased to be a director on 31 July 2026, triggering a final disclosure of his interests in the company’s securities. The filing details his substantial indi...
EQ Resources Announces Board Change Amid Growth in Tungsten Operations
Jul 31, 2026
EQ Resources Limited, a global tungsten producer listed on the ASX, operates key mining projects at Mt Carbine in North Queensland and Barruecopardo in Spain. The company emphasizes sustainable mining practices and advanced processing technologies...
EQ Resources Seeks ASX Quotation for 1.26 Million New Shares
Jul 30, 2026
EQ Resources Limited has lodged a new application with the Australian Securities Exchange for the quotation of additional ordinary fully paid shares. The company is seeking quotation for 1,258,410 EQR securities, which were issued on July 29, 2026...
EQ Resources Targets U.S. Exchange Listing to Tap Critical Minerals Demand
Jul 28, 2026
EQ Resources Limited, a global tungsten producer listed on the Australian Securities Exchange, operates major projects at Mt Carbine in Queensland and Barruecopardo in Spain. The company targets sustainable mining and advanced processing to capita...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.