EQ Resources Limited has posted detailed progress across its dual mining operations during the quarter ended 31 March 2025. At its Spanish facility, the Saloro operation advanced several key development stages at the Barruecopardo Mine. The Phase 5 Pit yielded 342,877 tonnes of tungsten-bearing ore at an average grade of 0.188% WO₃ and a strip ratio of 4.6:1, while pre-stripping and ramp development in Phases 6 and 7 have been initiated. Upgrades to the crushing plant have raised throughput from 200 tonnes per hour to 290 tonnes per hour, and screening efficiency is recorded at 94%. Planned enhancements – including additional jigs, a Falcon concentrator, table-circuit conversion, and the installation of a third XRT sorter with a wet screening station scheduled for Q1 FY2026 – aim to boost recovery above 70% over the coming quarters. At the Mt Carbine site in Far North Queensland, operational performance was robust despite challenging wet-season conditions. The site achieved a 23% quarter-on-quarter increase in total material moved with 702,265 tonnes mined and a striking 70% uplift in blasting volumes to 603,309 tonnes. Ore deliveries rose by 48% quarter-on-quarter to 182,449 tonnes, although ore grades remained modest due to ongoing stripping in the Stage 2 Pit. Processing output was somewhat constrained by lower-grade feed and disruptions related to seasonal flooding, but management expects grades to strengthen as mining delves deeper into higher-grade zones. The company’s processing operations continue to be a focal point. At Saloro, ore feed to the primary crusher and the Ore Sorter Plant has seen adjustments aimed at improved run-of-mine stockpile management and throughput efficiencies. Initiatives addressing material handling and blending have already begun to stabilize feed quality. In parallel, the Gravity Plant has undergone significant circuit upgrades, with conversions of Holman-Wilfley tables and multideck screens now delivering improved recovery. On the financial and corporate front, EQ Resources Limited reported consolidated cash receipts of A$17.5 million for the quarter, bolstered by prepayment funding from long-term offtake agreements. The company has also restructured its executive team; with CEO Kevin MacNeill assuming the role of Chief Technical Officer and Oliver Kleinhempel transitioning to Executive Chairman until a new CEO is appointed. Notably, the board has secured seasoned expertise with the addition of Craig Bradshaw as a Non-Executive Director while exploring a potential acquisition of a ferrotungsten producer to diversify downstream operations. In terms of market and strategic positioning, EQ Resources has entered into five long-term offtake agreements valued at an estimated US$124 million. These deals, which cover significant portions of the production from both its Spanish and Queensland operations, are tied to tungsten commodity prices and provide greater revenue stability amid shifting global supply dynamics driven by Chinese export restrictions. Concurrently, the tungsten price has seen an upward trend, posting a 15% quarter-on-quarter increase to US$380 per mtu. Bullish sentiment arises from the company’s clear timeline for technical upgrades, improved production metrics at both operations, and strategic long-term contracts that secure global tungsten supply. The forward momentum from increased throughput, enhanced processing efficiency, and proactive safety improvements reinforces confidence in the operational framework. Additionally, management’s restructuring and potential M&A initiatives position EQ Resources to benefit from a consolidated tungsten value chain. Conversely, bearish perspectives may focus on short-term operational challenges at Mt Carbine, where lower-grade feed and disruptions from seasonal weather have temporarily depressed concentrate output. Negative operating cash flows at the site and the inherent risks associated with transitioning mining phases into higher-grade ore zones suggest near-term uncertainties. Moreover, the complexity of integrating additional processing capacity and executing large-scale infrastructural upgrades could introduce execution risks. Overall, EQ Resources Limited appears well-positioned for growth through ongoing technical enhancements and strategic investments, although short-term operational challenges and cash flow variability warrant cautious monitoring by market participants.