EQ Resources Sees Forrest Acquire 16.8% Stake from Oaktree in Ownership Shift
Dr Andrew Forrest acquires 16.8% stake in EQ Resources from Oaktree
EQ Resources has announced that Wonongarra Pty Ltd, an investment vehicle wholly owned by Dr Andrew Forrest AO, has agreed to acquire Oaktree Capital Management’s entire 16.8% ownership stake in the company. The transaction comprises 862,131,779 fully paid ordinary shares and 35,555,556 options, representing a significant ownership transition from institutional financial investor to one of Australia’s most prominent mining industry figures.
The company was informed of the agreement after market close on Friday, 17 July 2026. This is a shareholder-level transaction with no impact on EQR’s strategy, day-to-day operations, management team, or employees. Certain shareholder rights, including the right to appoint a director to the board, will transfer to Wonongarra as part of the ownership change.
The entry of Dr Forrest—a stalwart of the Australian mining industry—signals institutional-quality validation of EQR’s strategic positioning in the tungsten market.
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Who is Dr Andrew Forrest?
Dr Andrew Forrest AO is described by EQR Managing Director Craig Bradshaw as “a stalwart of the Australian mining industry with a proven track record of developing and growing assets.”
EQR Managing Director Craig Bradshaw described Dr Forrest as “a stalwart of the Australian mining industry with a proven track record of developing and growing assets.” His involvement in a critical minerals company carries strategic weight given his history of identifying and executing on long-term value creation opportunities in the mining sector.
For investors unfamiliar with Dr Forrest’s profile, his participation represents a material vote of confidence in EQR’s operational trajectory and market positioning.
Why tungsten matters for investors
Tungsten is essential for construction equipment, energy infrastructure, and semiconductors used in phones and computers. Yet, as Dr Forrest noted in his commentary, global supply is “remarkably concentrated,” creating supply chain fragility for Western economies.
EQR’s positioning as the largest western tungsten producer directly addresses this concentration risk. Western governments and industries are actively seeking non-China tungsten sources to de-risk critical mineral supply chains, creating structural demand tailwinds for producers operating outside traditional supply routes.
For beginner investors, the key point is straightforward: tungsten is a critical input for industrial machinery, energy systems, and technology hardware. As Western economies prioritise supply chain security, companies providing alternative sources benefit from policy-driven demand support.
Oaktree’s role in building EQR’s tungsten platform
Oaktree Capital Management has been a cornerstone investor in EQR since 2023. The firm’s investment supported two key strategic milestones that positioned EQR as the largest western tungsten producer:
- Acquisition of Barruecopardo tungsten mine in Spain
- Ongoing expansion of Mt Carbine tungsten mine in North Queensland
These two assets together form the operational foundation of EQR’s current production base. Oaktree’s backing during the acquisition and expansion phase provided the capital structure necessary to execute the company’s growth strategy across two continents.
Federico Alvarez-Demalde, Oaktree Capital Management
“It has been a privilege to partner with EQ Resources through a transformative period of growth. The Company has delivered on its strategy of building a leading Western tungsten supply base, and we are proud of what has been achieved at Mt Carbine and Barruecopardo.”
Oaktree’s exit after supporting the company through its strategic heavy lifting suggests the development phase is complete and EQR is transitioning to an operational delivery phase. For investors, this timing is significant: financial investors typically exit once a company has de-risked its core strategy and is positioned for cashflow generation.
What changes and what stays the same
This transaction represents a change in ownership at the shareholder level, not an operational restructuring. The following elements remain unchanged:
- Unchanged: Company strategy
- Unchanged: Day-to-day operations
- Unchanged: Management team
- Unchanged: Employees
The transaction does involve a transfer of certain shareholder rights. Wonongarra will acquire the right to appoint a director to the board, a standard governance provision in cornerstone ownership structures. Substantial holder notices are expected to be lodged in accordance with Corporations Act requirements.
This is a secondary market transaction between existing and new shareholders. No capital has been raised, and existing shareholders retain their positions. The ownership transfer brings potential strategic input from Dr Forrest without management disruption or dilution.
Management and investor commentary
Managing Director Craig Bradshaw emphasised both continuity and opportunity in his response to the transaction. “We warmly welcome Dr Forrest’s investment in the Company,” he stated. “It is a strong endorsement for EQ Resources to see the ownership baton passed from a financial investor to a stalwart of the Australian mining industry.”
Bradshaw characterised the transaction as “a great vote of confidence in EQ Resources, our people, and the growth strategy we are executing across our operations in Australia and Spain.” His commentary positions the ownership change as validation rather than disruption.
Dr Andrew Forrest AO
“This investment backs an Australian producer, Australian jobs and Australian know-how at the moment the world has woken up to how fragile critical mineral supply chains have become. We are proud to become a long-term shareholder in a company that is de-risking its operations, ramping up production and beginning to generate real cash flow.”
Dr Forrest’s reference to “real cash flow” signals his assessment that EQR is transitioning from development to operational cashflow generation. His stated positioning as a “long-term shareholder” suggests patient capital aligned with EQR’s multi-year growth trajectory rather than short-term trading positioning.
EQR’s tungsten operations at a glance
EQR operates a two-asset tungsten portfolio spanning Australia and Europe. Mt Carbine, located in North Queensland, is currently undergoing expansion to increase production capacity. Barruecopardo, situated in Salamanca Province, Spain, is an operating mine acquired with Oaktree’s backing.
Together, these assets position EQR as the largest western tungsten producer, with geographic diversification providing operational redundancy and exposure to multiple Western markets. The company describes its focus as sustainable mining and processing, aiming to be a globally leading supplier of critical minerals.
| Asset | Location | Status |
|---|---|---|
| Mt Carbine | North Queensland, Australia | Expansion underway |
| Barruecopardo | Salamanca Province, Spain | Operating |
For investors, the dual-asset structure offers exposure to both Asia-Pacific and European markets while reducing single-jurisdiction operational risk. Both assets target the same end market—Western critical mineral supply chains—but from different geographic positions.
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What to watch next
Several near-term catalysts and milestones warrant investor attention following this ownership transition:
- Substantial holder notice filings (expected shortly under Corporations Act requirements)
- Potential board appointment changes following transfer of director appointment rights
- Operational updates from Mt Carbine expansion as production ramp-up continues
- Production and cashflow progress at both sites as EQR transitions to operational delivery phase
Dr Forrest’s stated “long-term shareholder” positioning suggests patient capital aligned with EQR’s multi-year growth trajectory. His reference to the company “ramping up production and beginning to generate real cash flow” indicates he views EQR as entering a phase where operational execution translates to financial performance.
For existing shareholders, the key monitoring points are operational delivery at both sites and whether Dr Forrest’s involvement brings strategic input beyond capital. The transfer of board appointment rights creates potential for governance influence, though management and strategy remain unchanged in the near term.
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