EQ Resources (ASX:EQR) has announced positive results from the May 2023 update of its Bankable Feasibility Study (BFS) for the Mt Carbine Tungsten Expansion Project near Cairns. 

The company said the BFS Update shows a 47% increase in Net Present Value (NPV) to $307.1M and an Internal Rate of Return (IRR) of 477%.

It also said the low capital cost has been further optimised to $18.5M as a result of scope changes and defined costing.

"The successful drill campaigns and strong trends of conversion of resource from inferred to indicated, along with a fully functioning processing operation have contributed to the positive outcomes in the BFS Update," said CEO Kevin MacNeill.