NWR Sydney Resources Lunch

March 2024





Competent Person's Statement

  • The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (May 2023), made available through the Company's websitewww.eqresources.com.au/.
  • The Company confirms that it is not aware of any new information that materially affects the information included in the corresponding market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

General Disclaimer

  • The material contained in this document is a presentation of general information about the Company's activities current as at the date of this presentation. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.
  • This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the Company. These forward-looking statements are based on estimates, projections and assumptions made by the Company about circumstances and events that have not yet taken place. Although the Company believes the forward- looking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results).
  • The Company makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements.
  • Forward-lookingstatements may be identified by words such as "aim", "anticipate", "assume", "continue", "could", "estimate", "expect", "intend", "may", "plan", "predict", "should", "will", or "would" or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward-looking statements in this document in the future.


Corporate Update

Key Statistics

Share Price (30-day VWOP)

A$0.053 per share

Shares on Issue


Market Capitalisation

A$ 98.25 million

Top 20 Shareholders

>60% (9% Board/Management)

2023 - To Date (Share Price Performance & Key Announcements)





Board & Management



Non-Executive Chairman

Oliver Kleinhempel

Non-Executive Director

Stephen Layton

Non-Executive Director

Zhui Pei Yeo

Non-Executive Director

Richard Morrow

Non-Executive Director

Stephen Weir

Chief Executive Officer

Kevin MacNeill

Chief Geologist

Anthony Bainbridge

  1. 64% increase of Mt Carbine Indicated Resources (In-Situ) - Announcements 04 April 2023 (link)
  2. EQR awarded Permit for historic Wolfram Camp Mine - Announcement 27 July 2023 (link)
  3. Tungsten Output at Mt Carbine Increases 181% Quarter-On-Quarter - Announcement 03 October 2023 (link)
  4. EQR completes Acquisition of Saloro SLU and $25m Placement with Oaktree - Announcement 18 January 2024 (link)
  5. Saloro adds 69% of Measured and Indicated Resources to EQR's Inventory - Announcement 01 February 2024 (link)
  6. Saloro XRT Sorting Performance exceeds Expectations, adding 26% more Material to Gravity Plant - Announcement 15 February 2024 (link)


Tungsten Uses & Market Outlook

Critical Mineral, Unique Properties, Unsubstitutable in Many Applications

"Purple tungsten oxide helps prolong

"Reduced costs, increased efficiency

"Tungsten demand to increase due to its

lithium battery life."

key to wider use of tungsten filament."

key role in chip industry."

By Fastmarkets - Friday 20 October

By Fastmarkets - Friday 20 October

By Fastmarkets - Tuesday 19 December


Tungsten - A Material of Global Critical Significance

Supply Risk

at 3420OC

highest melting

point of all


as carbide

compound hardest

element after


Economic Importance


EQR's Global Significance & Saloro Synergies

Tier 1 jurisdiction producing tungsten assets, with similar characteristics:

  • Both in Tier 1 jurisdictions
  • Similar mineralogy: Both are hosted in sheeted quartz
  • Complementarygeology: Granite (Barruecopardo) and Metasediments (Mt Carbine)
  • Identical mining method: Open pit blast plus truck and excavator - similar fleet
  • Similar processing: Crush, screen, XRT-sorting, jigs and tables; Saloro incorporates flotation and mag.sep.cleanup, producing a higher-grade product
  • Synergy inMarketing: Both supplying the same end customers
  • Both operating adjacent to world renowned National Parks (strong ESG credential)
  • Organisational and significant technical synergies (comparable operational output)

The combination of EQR's Mt Carbine Tungsten Mine and Saloro's Barruecopardo Tungsten Mine establishes the largest independent tungsten raw material producer outside of China.

EQR Position in Global (ex China/Russia) Producing Countries


EQR's Operating Assets



Mount Carbine


Discovery 1895

Closed 1982

Restart 2020



Discovery 1900

Closed 1982

Restart 2019


Vertical Integration Opportunities

Tungsten Cluster - Australia


Tungsten Cluster - Spain

  • Current EQR management team specialises in development of mines and supply of concentrates.
  • EQR has 2 producing mines, has rights to explore and develop Wolfram Camp with high potential assets nearby.
  • Mineral process plants located in Tier 1 jurisdictions in strategic regions with a strong history of mining.
  • Elaborating opportunities for downstream processing through acquisition or strategic partnerships.
  • Value-addthrough refinery supply is logical next step as significant supplier of concentrates outside of China.
  • Ability to become the largest (integrated) tungsten supplier to end users outside of China.


Vertical Integration Opportunities

EQR Group Concentrate Production


*Q3FY2024 consisting of: January (actual), February (actual), March (actual & forecast)

  • As part of EQR's transformation to become the largest independent tungsten raw material supplier outside China, the company realizes a 6.5-fold increase of concentrate output comparing Q4FY2023 and Q3FY2024 (through organic growth at Mt Carbine and by acquiring Saloro).

Mt Carbine - Australia

In Operation

Barrecupardo - Spain

Target 3,000 -

In Operation

5,000t WO3 p.a.

Wolfram Camp / Bamford Hill

(up to 50% of Western

Exploration Phase

Mine Supply)

Additional Asset?

Potential Partnerships, Structures & Options being explored:

  • Strategic partnerships and other M&A options being explored.
  • Toll treat EQR concentrate to APT - Global market has capacity to absorb (APT capacity utilisation currently at 50%) & demand growth is forecasted.
  • EQR concentrate is being tested for ferro-tungsten production which would provide market optionality due to 25% of global concentrate being used in ferro-tungsten / steel making.
  • Downstream players interested in securing guaranteed supply through partnership with Western sources, engagements ongoing.


Mt Carbine Tungsten Mine and Quarrying Operations

Transforming an Historical Mine to Australia's Largest Primary Tungsten Producer and a Key Resource Producer (Quarry Materials)



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EQ Resources Ltd. published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 00:07:07 UTC.