EQ Resources Ltd announcement overview

EQ Resources Limited (ASX: $EQR) has completed the delivery of core equipment under the Sandvik Crushing & Screening Package for its Mt Carbine project, aiming to double the throughput capacity. The new process circuit, initially planned as per the 'Bankable Feasibility Study Update, May 2023' schedule, faced delays in manufacturing and shipping, leading to the mobilization of additional mobile crushing and screening equipment in Q3- and Q4- CY2023 to cover the mine ramp-up volumes from the open pit. The current crushing capacity at the Mt Carbine site is 83,000t per month.

Executive commentary on the equipment delivery

We are pleased to finally have the new Sandvik equipment at site. We commissioned a series of mobile equipment last year, which have worked well in the last quarter in terms of throughput, but certainly not being optimum and not fully reflecting our BFS design. Our engineering teams have worked hard to debottleneck the previous design and with the addition of a large screen into the Sandvik order, we can directly double the throughput compared to what was planned for the initial installation. We are currently finalizing the construction schedule and will inform the market in due course.

Summary of EQ Resources Ltd announcement

EQ Resources Ltd has successfully received all core equipment under the Sandvik Crushing & Screening Package for its Mt Carbine project, allowing for a doubling of the throughput capacity. The company's leadership team and engineering consultants conducted a debottlenecking study, resulting in the decision to order additional equipment from Sandvik. The project team is finalizing infrastructure engineering design to process an expanded throughput of 166,000t per month, representing a 100% capacity increase compared to current production levels. EQ Resources aims to achieve a higher production profile moving forward and to compensate for grade variation experienced throughout the first 6 months of open pit mining. The company's CEO, Mr Kevin MacNeill, mentioned the ongoing construction schedule and plans to inform the market in due course. EQ Resources is dedicated to sustainable mining and processing practices, with a focus on expanding its tungsten assets at Mt Carbine and Barruecopardo. The company aims to be a globally leading supplier of tungsten and create shareholder value through the exploration and development of its current project portfolio while evaluating opportunities within the critical minerals sector globally.