Equatorial Resources (ASX:EQX) has completed the acquisition of the Nimba Alliance Iron Ore project in Guinea after the end of Q2 2023.

The company is currently reviewing historical explorations at the Nimba Project, and planning future exploration programs.

Equatorial Resources has filed a memorial of claim against the Republic of Congo at the International Centre for Settlement of Investment Disputes, seeking compensation for unlawful measures taken against Equatorial's investments in two iron ore projects in Congo.

The company estimates damages from these measures range between US$394 million to US$1.134 million.

At the end of the quarter, Equatorial had approximately AU$16.7 million in cash with 125.9 million shares on issue.