EQR and Elmet Technologies agree to strategic collaboration and offtake contract

EQ Resources Limited (EQR) has announced a strategic collaboration with leading US-owned tungsten manufacturer Elmet Technologies LLC. The collaboration involves a multi-year offtake agreement, with Elmet investing A$2.0 million as an offtake advance payment. The parties have also expressed intentions to enhance the global tungsten supply chain and work on US Government programs and funding opportunities.

Executive Commentary on Strategic Collaboration

EQ Resources' Chief Executive Officer, Kevin MacNeill, expressed his satisfaction with the collaboration, emphasizing the shared ambitions with Elmet Technologies in developing sustainable and resilient supply chains for critical raw materials. He highlighted the potential for EQ Resources' rapidly growing tungsten mines in Australia and Spain to provide improved industrial resiliency to support Elmet's mission-critical US defense customers. MacNeill also underscored the strategic importance of raw material security in the current geopolitical landscape and the unique market solution provided by sustainable mining in Australia and Spain.

Summary of Collaboration and Outlook

EQ Resources (EQR) has entered into a strategic collaboration with Elmet Technologies, securing a multi-year offtake agreement and an offtake advance payment of A$2.0 million. The collaboration aims to enhance the global tungsten supply chain and explore US Government programs and funding opportunities. The partnership is expected to support the development of sustainable and resilient supply chains for critical raw materials, particularly in the defense sector. With the potential to secure support from end-users in the tungsten space, EQ Resources plans to continue developing similar relationships and alliances as part of its strategic statements. The company's focus on raw material security aligns with the growing priority of this aspect geopolitically and in boardrooms worldwide, offering a unique market solution through sustainable mining in Australia and Spain.