EQ RESOURCES LIMITED (EQR)
Share Price Analysis and Chart

14/08/2026

1

Upgrade to Buy from Trim

$0.52

60.00%

Morgans upgrades its rating for EQ Resources to Buy with its target price increased to $0.52 from $0.23 following rising tungsten price premiums outside of China.

The ammonium paratungstate price has surged from sub-US$40,000/t to current levels above US$312,000/t for non-Chinese users, driven by supply restrictions, military consumption, and sovereignty concerns.

The analyst notes June quarter production was relatively weak across both the Mt Carbine and Barruecopardo operations, constrained by lower-grade ore processing and weather impacts.

The broker's estimates suggest production should recover towards mid-term targets, supported by a planned $39m capacity expansion at Mt Carbine and a return to regular processing at Barruecopardo.

The valuation upgrade incorporates this expansion and higher long-term commodity price assumptions, with management also flagging a potential North American listing to better align with the trading multiples of peers like Almonty Industries.

07/10/2026

1

Buy

$0.55

69.23%

Canaccord Genuity maintains a Buy rating for EQ Resources with an unchanged $0.55 target price following record quarterly cash generation in the September quarter 2026.

Quarterly output rose 81% quarter-on-quarter to 51,233 metric tonne units and sales reached 49,715 metric tonne units at an average realised price of US$2,248 per metric tonne unit, delivering record revenue of $159m.

Both operational assets beat Canaccord Genuity's expectations, with Barruecopardo production surging 123% to 34,088 metric tonne units and Mt Carbine climbing 31% to 17,145 metric tonne units.

The analyst views FY27 as a pivotal operational turning point, lifting FY27 EBITDA forecasts to $651m compared to $52m in FY26.

Canaccord Genuity sees further upside from ongoing processing expansions, expecting group production to reach approximately 325k metric tonne units annually from FY28 while recent regional drilling supports potential resource expansions and mine life extensions.