EQ Resources Posts Record A$55.1M Revenue as Tungsten Output Surges 34%
Key Takeaways
- EQ Resources generated A$55.1 million in consolidated revenue in August 2026, marking the second consecutive month of record group revenue across both operating sites.
- Group production reached 19,068 mtu, a 34% month-on-month increase and the second-highest monthly output on record, just below the all-time peak of 20,838 mtu set in September 2024.
- Barruecopardo in Spain recorded its highest monthly production ever at 12,719 mtu, up 32% from July 2026, while Mt Carbine in Queensland delivered a record A$19.9 million in monthly revenue, up 38% month-on-month.
- The group achieved an average realised tungsten price of US$2,269 per mtu in August 2026, underpinning the revenue result at current production volumes.
- With both assets growing output simultaneously and the all-time production ceiling already demonstrated at 20,838 mtu, the operational trajectory points toward a potential record-breaking month ahead.
EQ Resources posts record A$55.1M revenue as production ramp-up hits second-highest monthly output
EQ Resources delivered consolidated revenue of A$55.1 million in August 2026, marking the second consecutive month of record group revenue. The result was driven by consolidated production of 19,068 mtu (metric tonne units), up 34% from July 2026 and the second-highest monthly output on record, with the all-time record sitting at 20,838 mtu set in September 2024. All production figures are subject to final assays and reconciliation.
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August 2026 production and sales results
The August performance was broad-based, with both the Barruecopardo operation in Spain and the Mt Carbine operation in North Queensland contributing meaningfully to the group result.
| Metric | Group Total | Barruecopardo | Mt Carbine |
|---|---|---|---|
| Production (mtu) | 19,068 | 12,719 | 6,349 |
| MoM Production Growth | +34% | +32% | +38% |
| Sales Volume (mtu) | 17,246 | 10,566 | 6,680 |
| Revenue | A$55.1M | A$35.2M | A$19.9M |
| Avg. Realised Price | US$2,269/mtu | US$2,368/mtu | US$2,113/mtu |
Three highlights stand out from the site-level detail:
- Barruecopardo recorded its highest monthly production on record at 12,719 mtu, up 32% from July 2026
- Mt Carbine delivered a record monthly revenue of A$19.9 million, with production up 38% month-on-month
- The group result represents the second consecutive month of record consolidated revenue, confirming this is a sustained trend rather than a single-month anomaly
All figures are subject to final assays and reconciliation.
Why tungsten matters — the critical mineral driving EQR’s growth
Tungsten is one of the most strategically significant industrial metals in the global economy, yet it receives a fraction of the investor attention directed at lithium or copper. That gap is narrowing as Western governments and manufacturers confront a supply chain problem they can no longer ignore.
The metal is essential across a wide range of high-demand sectors as a critical mineral. EQ Resources operates outside China across two jurisdictions, producing tungsten in Australia and Spain. This dual-jurisdiction structure positions the company within a supply diversification theme that is gaining traction among both industrial buyers and investors focused on critical minerals. With an average realised price of US$2,269 per mtu across the group in August 2026, the revenue potential at current production scale is clearly material.
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What this momentum means for investors
The August 2026 result is not an outlier. It is the second consecutive month of record group revenue, delivered across two separate operating sites, with both assets growing output simultaneously. That combination is what distinguishes this update from a one-site spike.
A few points worth noting for context: the all-time monthly production record of 20,838 mtu was set in September 2024, meaning the company has demonstrated this operational capacity before. The August figure of 19,068 mtu represents a return toward that peak, now supported by record site-level production at Barruecopardo. The trajectory is pointing in the right direction.
On a simple indicative basis, A$55.1 million in a single month is a clearly material revenue outcome — though this should not be treated as guidance, and actual outcomes will depend on production levels, commodity prices, and exchange rates in any given period.
Key investor takeaways from the August 2026 update:
- Production momentum is real and accelerating: a 34% month-on-month increase in group output is a significant operational step-change, not incremental improvement
- Both assets are contributing: revenue records at Mt Carbine and production records at Barruecopardo reduce single-site dependency risk
- The production ceiling is known: September 2024’s 20,838 mtu record shows what the operations can achieve at peak, and August 2026 came close to that benchmark with 19,068 mtu
- Tungsten pricing is supportive: an average realised price of US$2,269 per mtu across the group underpins the revenue result at current production volumes
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