EQ Resources (ASX:EQR) has decided not to proceed with the acquisition of Tungsten Metals Group and its subsidiaries (together comprising the TMG Group), after a review of strategic priorities.
Managing Director Craig Bradshaw says the company’s focus remains on growing production at its Mt Carbine and Barruecopardo operations, along with expanding its resource base and delivering ‘long-term value’ from its existing assets.
“Following thorough engagement with TMG Group throughout 2025 and a careful review of our strategic priorities during the second and third quarters of FY2026, the Board has determined that proceeding with the acquisition is not in the best interests of shareholders at this time,” Bradshaw says.
EQ Resources is focused on increasing tungsten concentrate production at Mt Carbine in North Queensland and the Barruecopardo Mine in Spain, expanding the operations’ resource and reserve base, drilling at Wolfram Camp, and planning the expansion of the Mt Carbine crushing circuit.
As reported by Mining.com.au, EQ Resources is currently conducting drilling at Mt Carbine to increase geological confidence in key target zones, test potential extensions, and support future mine planning.
With the drilling campaign well underway since 16 March 2026, the program is expected to last around four months.
EQ Resources is a tungsten mining company focused on sustainable mining and processing practices.
Write to Maddison Elliott at Mining.com.au
Images: EQ Resources
