EQ Resources Posts Record $51M Revenue on 36% Tungsten Production Surge
EQ Resources has posted record monthly revenue of A$51 million in July 2026, driven by a 36% lift in consolidated production. The global tungsten producer, which operates mines in Australia (Mt Carbine) and Spain (Barruecopardo), delivered production of 14,255 mtu, marking the highest monthly figure since November 2024.
Group consolidated sales totalled 14,756 mtu for the month, generating the record revenue at a record average realised price of US$2,386 per mtu.
Both operations fire — Barruecopardo and Mt Carbine break records
The July 2026 production surge was driven by strong performance across both operations, with Barruecopardo in Spain delivering a 48% month-on-month increase and Mt Carbine in Australia adding 16%.
| Operation | Production (mtu) | Change vs June 2026 | Sales (mtu) | Revenue & Realised Price |
|---|---|---|---|---|
| Barruecopardo (Spain) | 9,667 | +48% | 11,074 | A$39M record / US$2,449 per mtu |
| Mt Carbine (Australia) | 4,588 | +16% | 3,682 | A$12M record / US$2,195 per mtu |
| Group Total | 14,255 | +36% | 14,756 | A$51M record / US$2,386 per mtu |
Barruecopardo leads the charge
The Spanish operation delivered its highest monthly output since December 2025, with production of 9,667 mtu representing a 48% increase from June 2026. Sales volumes of 11,074 mtu generated record revenue of A$39 million at an average realised price of US$2,449 per mtu.
Mt Carbine adds steady momentum
The Australian operation posted a 16% production increase month-on-month, reaching 4,588 mtu. Sales of 3,682 mtu delivered record revenue of A$12 million at an average realised price of US$2,195 per mtu.
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Why tungsten matters — the critical minerals angle
For investors, the July 2026 result demonstrates a powerful combination: rising volumes paired with strengthening prices. The US$2,386 per mtu group average represents a record realised price, meaning EQ Resources is extracting more revenue per unit produced at the same time production volumes are climbing. This dual tailwind directly expands operating margins.
The company aims to be a globally leading supplier of the critical mineral tungsten, leveraging its multi-jurisdictional asset base and advanced processing technology.
What the record month means for investors
The July 2026 performance delivers three key investment signals. First, the record revenue of A$51 million stems from both higher production volumes AND a record realised price, creating a compounding effect on revenue generation. Second, the 36% production increase confirms operational momentum is recovering to levels not seen since November 2024. Third, the geographic diversification across Australia and Spain provides operational resilience, with each jurisdiction contributing material revenue in both established (Mt Carbine) and higher-grade (Barruecopardo) production profiles.
The 48% surge at Barruecopardo demonstrates the Spanish operation’s capacity to scale production rapidly, while Mt Carbine’s 16% lift shows steady optimisation of the Australian asset.
The announcement was released on the authority of the Board by Managing Director Craig Bradshaw.
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The road ahead
Sustained higher production and firm tungsten pricing position EQ Resources entering the new financial period with operational momentum. The company provided no forward production targets or revenue guidance in the announcement, meaning investors will monitor subsequent monthly updates to confirm whether the July 2026 performance marks a sustained trend or a peak month.
EQ Resources’ stated strategy focuses on creating shareholder value through exploration and development of its Mt Carbine and Barruecopardo assets, whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally. The record revenue month demonstrates the company’s ability to capture value from both assets simultaneously when production and pricing conditions align.
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