EQ Resources signs $900,000 Queensland tungsten acquisition

• EQ Resources has executed agreements to acquire 100% of Aus Critical Minerals and TTTP1 to expand its mineral exploration footprint.
• Following the transaction announcement, the company's stock held steady on the market.
• The acquisition is intended to secure additional regional feed sources and streamline regulatory approval pathways around its existing operations.

EQ Resources (ASX:EQR) has executed agreements to acquire 100% of two exploration companies to expand its tungsten footprint in Queensland by 45%.

The transaction increases the total land holdings of the company in the Mt Carbine district from 783km2 to 1,136km2.

"The acquisition of ACM and TTTP1 will be another disciplined step in EQR's strategy to build a district-scale tungsten position around Mt Carbine," said EQ Resources Managing Director Craig Bradshaw.

The total consideration for the transaction comprises $900,000 in cash alongside the issuance of 30 million ordinary fully paid shares.

Following the announcement, the EQ Resources share price was unchanged at $0.28.

The acquired package contains the granted Mt White mining lease, which features surface tungsten stockpiles located 67km from the main processing plant.

The company stated that the expanded tenure is expected to reduce grant risks and support an efficient approval pathway across its priority ground.