EQ Resources (ASX:EQR) has reported record quarterly tungsten production at its operation in Spain during the quarter ending 30th September 2024.
EQR is a tungsten miner with projects at Mt Carbine in Queensland, Australia, and Saloro Mine in Spain.
In Spain, the Saloro operations achieved a record production of 27,965 mtu of tungsten, with substantial improvements noted in the processing flow that increased recovery rates.
The Mt Carbine operations recorded a production increase, with 26,028 mtu of tungsten produced during the quarter.
The site has transitioned to an owner-operator model to reduce costs.
"The confirmed consistency of these veins and their westward extensions are expected to significantly contribute to the company's underground ore body," said EQ Resources CEO Kevin MacNeill.
The Barruecopardo Mine commenced preparations for the next open pit phase.
Corporate developments included the acquisition of a 50% Joint Venture stake from CRONIMET, bringing the Mt Carbine operations under full EQR ownership.
The company also secured a strategic collaboration and long-term offtake contract with Elmet Technologies in the USA, reinforcing its position as a critical mineral supplier.
EQR reported an 87% increase in cash receipts from operations, amounting to A$21.2 million in the quarter.
Additionally, a Queensland Government Grant of A$250,000 was awarded for ore sorting trials at Wolfram Camp, supporting EQR's exploration activities.
Following the announcement, EQ Resources shares were unchanged at $0.051.