EQ Resources (ASX:EQR) has signed agreements to acquire two companies holding tungsten-focused tenure surrounding its Mt Carbine operation in Far North Queensland.
The tungsten producer has agreed to acquire 100% of Aus Critical Minerals Pty Ltd and TTTP1 for $900,000 cash and 30 million EQR shares. The acquisition would add approximately 353km2 of tenure and applications in the Mareeba district.
On completion, EQR’s Mt Carbine district tenure position will increase from approximately 783km2 to 1,136km2, with a further 824km2 under application.
The package includes granted mining lease ML 20728 at Mt White, located approximately 67km from the Mt Carbine processing facility, with surface tungsten stockpiles identified as a potential early supplementary feed source.
The acquisition also provides a pathway to resolve competing exploration permit for minerals (EPM) applications lodged over or adjacent to EQR’s existing pending applications.
“This package is highly complementary to our existing operating base. It adds prospective tungsten ground, supports our hub-and-spoke strategy, and gives us greater control of the regional pipeline around our Mt Carbine processing infrastructure,” Managing Director Craig Bradshaw says.
The package includes five granted EPMs and a series of EPM applications in the Mareeba district.
Completion remains subject to customary conditions precedent, including final legal due diligence and completion deliverables.
The consideration shares are expected to be issued under the company’s available placement capacity, with completion targeted for 10 July 2026.
EQR has completed a review of available historical data on the tenure package, with an initial focus on systematic mapping, structural analysis, geochemical and geophysical follow-up, and staged scout drilling where warranted.
“Subject to completion, our immediate focus will be to progress the tenure, mapping, and assessment work required to prioritise targets and unlock the value of this broader regional position,” Bradshaw adds.
EQ Resources is a global tungsten producer with mining operations at Mt Carbine in Queensland and Barruecopardo in Spain.
Write to JC Villarba at Mining.com.au
Images: EQ Resources
