Record Tungsten Production Achieved in August 2024

EQ Resources Limited (ASX:EQR) has reported record monthly production for August 2024 at its tungsten operations in Mt Carbine and Barruecopardo. The Mt Carbine Operations achieved a new monthly production record of 9,040 mtu (WO3 in concentrate) with a new daily record of 571 mtu (WO3 in concentrate). Similarly, the Saloro Operations also recorded a monthly production record of 9,018 mtu (WO3 in concentrate) for the month of August. These achievements represent a significant 31% increase in tungsten output on the EQR Group level compared to the average monthly output recorded in Q4FY2024.

Executive Commentary on Record Production

The CEO of EQ Resources, Kevin MacNeill, expressed satisfaction with the record tungsten concentrate production in August at both Barruecopardo and Mt Carbine. He highlighted the company's strategy to establish EQR as a leading tungsten raw material supplier, emphasizing the importance of a reliable and long-term supply of Western critical minerals into geopolitically relevant industries. MacNeill credited the leadership team and operational staff for their efforts in developing and executing plans to achieve the current production levels. He also expressed confidence in further capacity for improvement in production by expanding mining operations at Mt Carbine and enhancing recovery rates through the plant at Barruecopardo. MacNeill further mentioned the anticipation of reporting full data on grade, production, and recoveries in the September quarterly report.

Summary of Achievements and Future Outlook

EQ Resources' achievement of record tungsten production in August 2024 reflects the company's commitment to becoming a leading tungsten supplier. The significant increase in tungsten output on the EQR Group level demonstrates the successful implementation of operational improvements and strategic planning. The company's CEO, Kevin MacNeill, emphasized the importance of establishing EQR as a reliable and long-term supplier of Western critical minerals, highlighting the potential for further production improvement and enhanced recovery rates. The company aims to form strategic relationships with downstream customers and looks forward to reporting comprehensive data on grade, production, and recoveries in the upcoming quarterly report. EQ Resources remains dedicated to sustainable mining and processing practices, leveraging advanced minerals processing technology to achieve its goal of being a globally leading supplier of the critical mineral, tungsten.