EQ Resources Posts Record A$158.8M Revenue as Q1 FY27 Cash Surges to A$82.3M
Key Takeaways
- EQ Resources posted record quarterly revenue of A$158.8 million, up 101%, driven by both higher volumes and a 20% higher realised price of US$2,248 per mtu.
- Cash on hand jumped 192% to A$82.3 million at 30 September 2026, though the announcement doesn't say how it will be used.
- Barruecopardo in Spain delivered record production of 34,088 mtu, up 123%, and carried the group's 51,233 mtu quarter, the second highest on record.
- Mt Carbine in Queensland grew production 31% to 17,145 mtu, so both operations expanded in the quarter.
- No guidance, costs, margins, profit or debt figures were disclosed, and prices remain subject to final assays and reconciliation.
Q1 FY27 Highlights: Record A$158.8 million revenue and A$82.3 million cash
In its Q1 FY27 quarterly update for the quarter ended 30 September 2026, EQ Resources recorded revenue of A$158.8 million, described as a record and up 101% quarter-on-quarter. Cash on hand ended the quarter at A$82.3 million, an increase of 192%.
EQ Resources (ASX: EQR) is a global tungsten producer with mining activities in Australia and Spain. Consolidated production totalled 51,233 mtu (up 81%), which the company described as the second highest quarterly production performance on record, not an outright record. Sales volumes were 49,715 mtu.
The average realised price was US$2,248 per mtu, up 20% quarter-on-quarter, subject to final assays and reconciliation. Higher volumes and a higher price both fed into the revenue figure, which is the combination behind the cash build.
Group scorecard
The table below sets out the group headline numbers as reported. Price figures are subject to final assays and reconciliation.
| Metric | Q1 FY27 result | QoQ change | Note |
|---|---|---|---|
| Cash on hand (30 September 2026) | A$82.3M | +192% | Quarter-end balance |
| Consolidated production | 51,233 mtu | +81% | Second highest quarterly production on record |
| Consolidated sales volume | 49,715 mtu | Not disclosed | – |
| Revenue | A$158.8M | +101% | Record revenue |
| Average realised price | US$2,248 per mtu | +20% | Subject to final assays and reconciliation |
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Barruecopardo and Mt Carbine: operational performance
Both operations grew over the quarter, though at very different rates. Here is how each asset contributed.
Barruecopardo (Spain): record output
Barruecopardo delivered record production of 34,088 mtu, up 123% quarter-on-quarter. Sales volumes were 33,147 mtu at an average realised price of US$2,333 per mtu, up 32%, subject to final assays and reconciliation.
Mt Carbine (Queensland): steady growth
Mt Carbine produced 17,145 mtu, up 31%. Sales volumes were 16,568 mtu at an average realised price of US$2,110 per mtu, up 6%, subject to final assays and reconciliation.
The two assets compare as follows:
- Production: Barruecopardo 34,088 mtu; Mt Carbine 17,145 mtu.
- Sales volumes: Barruecopardo 33,147 mtu; Mt Carbine 16,568 mtu.
- Average realised price: Barruecopardo US$2,333 per mtu; Mt Carbine US$2,110 per mtu.
Both operations grew, which spreads the earnings base across two jurisdictions rather than one.
What is tungsten and why do prices matter?
Tungsten is a hard, critical mineral with a very high melting point, used in industrial tools, defence and technology. It is priced per mtu, so the price you see in a report reflects a standard unit of metal.
EQR’s realised price rose 20% quarter-on-quarter, so each unit sold earned more than in the prior quarter. The announcement does not provide external price data or market forecasts, so this article does not either.
Key terms to know:
- mtu: metric tonne unit, the measure used for tungsten volumes and pricing.
- Realised price: the average price the company actually received for the tungsten it sold.
- Quarter-on-quarter: a comparison with the immediately preceding quarter.
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Cash position and what it means for investors
Cash on hand rose 192% to A$82.3 million, backed by record revenue of A$158.8 million. For you as an investor, that signals greater financial capacity than a quarter earlier.
The announcement does not state how the cash will be used, so that is the only conclusion the source supports. The company’s “About the Company” section describes a focus on expanding its tungsten assets at Mt Carbine in North Queensland and at Barruecopardo in the Salamanca Province, Spain.
No outlook or guidance is disclosed, and the announcement does not provide costs, margins, profit or debt figures. Those gaps matter when weighing a headline revenue number.
Management commentary
The announcement contains no director quote. It was released on authority of the Board by Craig Bradshaw, Managing Director, EQ Resources.
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