EQR: Annual Report to shareholders
Original announcement by asx on
- Company
- EQ Resources Limited
- Ticker
- EQR
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Tungsten
- Secondary commodities
- None reported
- Document categories
- Resource update, Production, Other, Capital raise
- Extracted
- 2026-09-29 23:04:19 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
EQ Resources Limited reported a significant financial turnaround in FY2026, achieving a net profit of A$7.1 million and recapitalizing its balance sheet. Despite this, the company faced operational challenges, including a production shortfall due to severe weather events at both its Barruecopardo (Spain) and Mt Carbine (Australia) tungsten mines, and acknowledged unsatisfactory safety performance. The annual resource and reserve updates for both projects show a mixed picture, with some categories experiencing tonnage and contained metal declines, while others, like Barruecopardo's probable reserves, saw significant growth.
Reasoning: The annual report details a significant financial turnaround for EQ Resources, achieving profitability and strengthening its balance sheet. However, operational performance was impacted by severe weather and safety concerns, leading to a production shortfall. Resource and reserve updates present a mixed picture, with some categories showing declines while others demonstrate growth, particularly in Barruecopardo's probable reserves.
Positive factors
- Financial turnaround and strong balance sheet
- Record June quarter revenue and operating cash flow
- High tungsten prices and market positioning
- Mt Carbine Expansion Project approved
- Significant increase in Barruecopardo Probable Ore Reserves
- Resource definition drilling underway at both operations
Negative factors
- Production shortfall due to severe weather events
- Unsatisfactory safety performance at both mines
- Decline in Barruecopardo Measured Mineral Resources and Proved Ore Reserves
- Decline in Mt Carbine In-Situ Indicated Mineral Resources and Open Cut Probable Ore Reserves (contained metal)
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 35
Classification and evidence
Financial Turnaroundpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company reported a statutory net profit after tax of A$7.1 million (FY2025: loss of A$39.2 million) and EBITDA of A$50.6 million (FY2025: negative A$29.7 million), with a recapitalized balance sheet.
Evidence · text
“The Company recorded a statutory net profit after tax of A$7.1 million (FY2025: loss of A$39.2 million) and EBITDA of A$50.6 million (FY2025: negative A$29.7 million).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document includes detailed 'Annual Mineral Resources Statement' tables for both Barruecopardo Mine and Mt Carbine Operations, providing updated figures as of 30 June 2026.
Evidence · text
“Annual Mineral Resources Statement Mineral Resources as at 30 June 2026”
Reserve Updateneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document includes detailed 'Annual Ore Reserves Statement' tables for both Barruecopardo Mine and Mt Carbine Operations, providing updated figures as of 30 June 2026.
Evidence · text
“Annual Ore Reserves Statement Ore Reserves as at 30 June 2026”
Production Updateneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document provides detailed production figures for WO3 in concentrate for both Barruecopardo Mine and Mt Carbine Operations for FY2026 and FY2025.
Evidence · text
“Group production for the year was 118,946 mtu of WO₃ (FY2025: 167,805 mtu), with Barruecopardo contributing 90,666 mtu and Mt Carbine 28,280 mtu.”
Safety Concernsnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The Managing Director explicitly states that safety performance was 'well short of acceptable' at both mines, with an increase in LTIFR at Mt Carbine.
Evidence · text
“I must be equally direct about safety: this year was well short of acceptable. It must be a core focus of management in FY2027.”
Weather Impactnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The document attributes the production shortfall 'overwhelmingly weather-driven', citing a cyclone at Mt Carbine and a 1-in-50-year rainfall event at Barruecopardo.
Evidence · text
“The shortfall against the prior year was overwhelmingly weather-driven, and the pattern was almost cruelly symmetrical across our two hemispheres.”
Capital Raiseneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The company raised A$56.5 million in new equity, settled A$25.8 million of debt through share issuance, and received A$23.5 million from option exercises.
Evidence · text
“Through a series of placements, we raised A$56.5 million in new equity to settle outstanding creditors, reduce debt and restore working capital, and settled a further A$25.8 million of debt through the issue of shares. We received A$23.5 million from the exercise of options associated with FY2025 raisings”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: All Mineral Resource and Ore Reserve estimates are explicitly stated to be reported in accordance with the JORC Code 2012.
Evidence · text
“The information in this report is extracted from the statement na Mineral Resource Statement June 2026” and has been prepared by Independent Resource Geologist. Mr Pohl has contributed to pr has provided professional services to the operation over many ye Universität Freiburg i.Br., Germany), has over 25 years of experie Geologists (EFG) and holds the title EurGeol (#1728). Mr Pohl ha mineralisation and type of deposit under consideration and the a Person as defined in the JORC Code 2012.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Competent Persons are named and their qualifications (e.g., EurGeol, MAusIMM, FAusIMM, CP (mining)) are provided for all resource and reserve estimates.
Evidence · text
“Mr Pohl has been working for Saloro during the last 6 years by pr delivering resource and grade control block models. Mr Pohl has indirect, in the securities of EQR or any associated companies. Mr Pohl consents to the inclusion in the release of the matters ba which it appears.”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: Barruecopardo Measured Mineral Resources declined by 31.8%, Barruecopardo Proved Open Cut Ore Reserves declined by 57.8%, and Mt Carbine In-Situ Indicated Mineral Resources declined by 4.0%.
Evidence · table
“6.85”
Context: In-Situ Measured
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Barruecopardo Measured Mineral Resources declined by 7.3% (0.191% to 0.177% WO3) and Mt Carbine In-Situ Indicated Mineral Resources declined by 6.7% (0.30% to 0.280% WO3).
Evidence · table
“0.177”
Context: In-Situ Measured
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: Barruecopardo Measured Mineral Resources declined by 36.8%, Barruecopardo Proved Open Cut Ore Reserves declined by 61.8%, and Mt Carbine In-Situ Indicated Mineral Resources declined by 8.7%.
Evidence · table
“1,214,272”
Context: In-Situ Measured
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Barruecopardo Open Cut Probable Ore Reserves increased by 197.1% from 3.10 Mt to 9.21 Mt.
Evidence · table
“9.21”
Context: Open Cut - Probable
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: Mt Carbine Open Cut Probable Ore Reserves grade improved by 14.3% (0.28% to 0.32% WO3) and LGSP Probable Ore Reserves grade improved by 6.7% (0.075% to 0.08% WO3).
Evidence · table
“0.32%”
Context: Open Cut - Probable
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Barruecopardo Open Cut Probable Ore Reserves contained metal increased by 179.5% from 448,982 mtu to 1,254,807 mtu.
Evidence · table
“1,254,807”
Context: Open Cut - Probable
Extracted facts
Stored fact records: 26. Some facts used in scoring do not have a stored record.
Resource Estimates (26)
measuredBarruecopardo Mine · tungstenTonnes: 6850000Grade: 0.177Grade Unit: % WO3Contained Metal: 1214272Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Pohl
- Resource group id
- resource:9c60e3beaf64e1357e0f
Resource Data
- Category
- measured
- Tonnes
- 6850000
- Grade
- 0.177
- Grade Unit
- % WO3
- Contained Metal
- 1214272
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 10050000
- Prior Grade
- 0.191
- Prior Contained Metal
- 1920400
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Measured resources at Barruecopardo declined significantly in tonnage, grade, and contained metal compared to the prior year, indicating a reduction in high-confidence resources.
Negative factors
- Tonnage declined by 31.8%
- Grade declined by 7.3%
- Contained metal declined by 36.8%
Evidence · table
“0.177”
Context: 6.85
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 6850000 against 10050000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.177 against 0.191 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1214272 against 1920400 previously
indicatedBarruecopardo Mine · tungstenTonnes: 9520000Grade: 0.177Grade Unit: % WO3Contained Metal: 1682554Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Pohl
- Resource group id
- resource:c2c0901a0e8af03703d1
Resource Data
- Category
- indicated
- Tonnes
- 9520000
- Grade
- 0.177
- Grade Unit
- % WO3
- Contained Metal
- 1682554
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 10460000
- Prior Grade
- 0.174
- Prior Contained Metal
- 1820000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Indicated resources at Barruecopardo saw a slight increase in grade but a decrease in tonnage and contained metal, resulting in a minor overall decline.
Positive factors
- Grade improved by 1.7%
Negative factors
- Tonnage declined by 8.9%
- Contained metal declined by 7.6%
Evidence · table
“0.177”
Context: 9.52
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9520000 against 10460000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1682554 against 1820000 previously
inferredBarruecopardo Mine · tungstenTonnes: 3850000Grade: 0.259Grade Unit: % WO3Contained Metal: 997546Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Pohl
- Resource group id
- resource:2537ce7e6d3633779f01
Resource Data
- Category
- inferred
- Tonnes
- 3850000
- Grade
- 0.259
- Grade Unit
- % WO3
- Contained Metal
- 997546
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 3860000
- Prior Grade
- 0.259
- Prior Contained Metal
- 999300
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Inferred resources at Barruecopardo remained largely stable in tonnage, grade, and contained metal compared to the prior year.
Evidence · table
“0.259”
Context: 3.85
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3850000 against 3860000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 997546 against 999300 previously
measuredBarruecopardo Mine · tungstenTonnes: 10050000Grade: 0.191Grade Unit: % WO3Contained Metal: 1920400Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Pohl
- Resource group id
- resource:827d9c4c52a8c6e9fb09
Resource Data
- Category
- measured
- Tonnes
- 10050000
- Grade
- 0.191
- Grade Unit
- % WO3
- Contained Metal
- 1920400
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Measured resource estimate for Barruecopardo as of June 2025.
Evidence · table
“0.191”
Context: 10.05
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedBarruecopardo Mine · tungstenTonnes: 10460000Grade: 0.174Grade Unit: % WO3Contained Metal: 1820000Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Pohl
- Resource group id
- resource:912b4925f31e2a44d2f2
Resource Data
- Category
- indicated
- Tonnes
- 10460000
- Grade
- 0.174
- Grade Unit
- % WO3
- Contained Metal
- 1820000
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Indicated resource estimate for Barruecopardo as of June 2025.
Evidence · table
“0.174”
Context: 10.46
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredBarruecopardo Mine · tungstenTonnes: 3860000Grade: 0.259Grade Unit: % WO3Contained Metal: 999300Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Pohl
- Resource group id
- resource:e45a3d59863db0d1f197
Resource Data
- Category
- inferred
- Tonnes
- 3860000
- Grade
- 0.259
- Grade Unit
- % WO3
- Contained Metal
- 999300
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Inferred resource estimate for Barruecopardo as of June 2025.
Evidence · table
“0.259”
Context: 3.86
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenBarruecopardo Mine · tungstenTonnes: 2400000Grade: 0.14Grade Unit: %Contained Metal: 329842Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:8e11c49af15c88a4da71
Resource Data
- Category
- proven
- Tonnes
- 2400000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 329842
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 5690000
- Prior Grade
- 0.152
- Prior Contained Metal
- 865037
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Proved Open Cut Ore Reserves at Barruecopardo experienced a substantial decline in tonnage, grade, and contained metal, indicating a significant reduction in high-confidence reserves.
Negative factors
- Tonnage declined by 57.8%
- Grade declined by 7.9%
- Contained metal declined by 61.8%
Evidence · table
“0.14”
Context: 2.40
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2400000 against 5690000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.14 against 0.152 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 329842 against 865037 previously
probableBarruecopardo Mine · tungstenTonnes: 9210000Grade: 0.14Grade Unit: %Contained Metal: 1254807Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:9d71b155ad3c9c161cea
Resource Data
- Category
- probable
- Tonnes
- 9210000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 1254807
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 3100000
- Prior Grade
- 0.145
- Prior Contained Metal
- 448982
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Probable Open Cut Ore Reserves at Barruecopardo showed substantial growth in tonnage and contained metal, significantly offsetting the decline in proved reserves, despite a minor grade decrease.
Positive factors
- Tonnage increased by 197.1%
- Contained metal increased by 179.5%
Negative factors
- Grade declined by 3.4%
Evidence · table
“0.14”
Context: 9.21
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 9210000 against 3100000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1254807 against 448982 previously
provenBarruecopardo Mine · tungstenTonnes: 50000Grade: 0.1Grade Unit: %Contained Metal: 5048Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:491e67228ff88801ef4f
Resource Data
- Category
- proven
- Tonnes
- 50000
- Grade
- 0.1
- Grade Unit
- %
- Contained Metal
- 5048
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 240000
- Prior Grade
- 0.173
- Prior Contained Metal
- 41589
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Proved Ore Stockpile Reserves at Barruecopardo saw a significant reduction in tonnage, grade, and contained metal, indicating depletion of higher-grade stockpiles.
Negative factors
- Tonnage declined by 79.2%
- Grade declined by 42.2%
- Contained metal declined by 87.9%
Evidence · table
“0.10”
Context: 0.05
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 50000 against 240000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.1 against 0.173 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 5048 against 41589 previously
provenBarruecopardo Mine · tungstenTonnes: 180000Grade: 0.05Grade Unit: %Contained Metal: 9155Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:9c656160edb9ac259744
Resource Data
- Category
- proven
- Tonnes
- 180000
- Grade
- 0.05
- Grade Unit
- %
- Contained Metal
- 9155
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Marginal Stockpile Proved Reserves represent a small, low-grade component of the overall reserve, with neutral impact on the update.
Evidence · table
“0.05”
Context: 0.18
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenBarruecopardo Mine · tungstenTonnes: 320000Grade: 0.06Grade Unit: %Contained Metal: 18652Contained Unit: mtuView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:bfa40d74ac9e8277d36f
Resource Data
- Category
- proven
- Tonnes
- 320000
- Grade
- 0.06
- Grade Unit
- %
- Contained Metal
- 18652
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Scalping Stockpile Proved Reserves represent a small, low-grade component of the overall reserve, with neutral impact on the update.
Evidence · table
“0.06”
Context: 0.32
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenBarruecopardo Mine · tungstenTonnes: 5690000Grade: 0.152Grade Unit: %Contained Metal: 865037Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:a7109c1be922d9efcc51
Resource Data
- Category
- proven
- Tonnes
- 5690000
- Grade
- 0.152
- Grade Unit
- %
- Contained Metal
- 865037
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Proved Open Cut Ore Reserve estimate for Barruecopardo as of June 2025.
Evidence · table
“0.152”
Context: 5.69
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableBarruecopardo Mine · tungstenTonnes: 3100000Grade: 0.145Grade Unit: %Contained Metal: 448982Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:4d1fd7f0615014f1f561
Resource Data
- Category
- probable
- Tonnes
- 3100000
- Grade
- 0.145
- Grade Unit
- %
- Contained Metal
- 448982
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Probable Open Cut Ore Reserve estimate for Barruecopardo as of June 2025.
Evidence · table
“0.145”
Context: 3.10
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
provenBarruecopardo Mine · tungstenTonnes: 240000Grade: 0.173Grade Unit: %Contained Metal: 41589Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barruecopardo Mine
- Commodity
- tungsten
- Region
- spain
- Reported Region
- Spain
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr J. Montero, Mr Hugh Thompson
- Resource group id
- resource:1ab1e76369a73d191dd9
Resource Data
- Category
- proven
- Tonnes
- 240000
- Grade
- 0.173
- Grade Unit
- %
- Contained Metal
- 41589
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Proved Ore Stockpile Reserve estimate for Barruecopardo as of June 2025.
Evidence · table
“0.173”
Context: 0.24
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedMt Carbine Operations · tungstenTonnes: 17340000Grade: 0.28Grade Unit: % WO3Contained Metal: 4935823Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:50bed673461f7947b462
Resource Data
- Category
- indicated
- Tonnes
- 17340000
- Grade
- 0.28
- Grade Unit
- % WO3
- Contained Metal
- 4935823
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 18060000
- Prior Grade
- 0.3
- Prior Contained Metal
- 5405901
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: In-Situ Indicated Mineral Resources at Mt Carbine saw declines in tonnage, grade, and contained metal, indicating a reduction in higher-confidence resources.
Negative factors
- Tonnage declined by 4.0%
- Grade declined by 6.7%
- Contained metal declined by 8.7%
Evidence · table
“0.280”
Context: 17.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 17340000 against 18060000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.28 against 0.3 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 4935823 against 5405901 previously
inferredMt Carbine Operations · tungstenTonnes: 10640000Grade: 0.3Grade Unit: % WO3Contained Metal: 3201048Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:acdd61f9dcc2ac90626b
Resource Data
- Category
- inferred
- Tonnes
- 10640000
- Grade
- 0.3
- Grade Unit
- % WO3
- Contained Metal
- 3201048
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 10680000
- Prior Grade
- 0.3
- Prior Contained Metal
- 3217311
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: In-Situ Inferred Mineral Resources at Mt Carbine remained largely stable, with minor declines in tonnage and contained metal.
Negative factors
- Tonnage declined by 0.4%
- Contained metal declined by 0.5%
Evidence · table
“0.300”
Context: 10.64
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 10640000 against 10680000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3201048 against 3217311 previously
indicatedMt Carbine Operations · tungstenTonnes: 9380000Grade: 0.075Grade Unit: % WO3Contained Metal: 703546Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:a778d7af53001b2ebd9b
Resource Data
- Category
- indicated
- Tonnes
- 9380000
- Grade
- 0.075
- Grade Unit
- % WO3
- Contained Metal
- 703546
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 10126000
- Prior Grade
- 0.075
- Prior Contained Metal
- 759450
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: LGSP Indicated Mineral Resources at Mt Carbine saw declines in tonnage and contained metal, indicating depletion or reclassification of stockpiled material.
Negative factors
- Tonnage declined by 7.4%
- Contained metal declined by 7.4%
Evidence · table
“0.075”
Context: 9.38
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9380000 against 10126000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 703546 against 759450 previously
inferredMt Carbine Operations · tungstenTonnes: 2580000Grade: 0.07Grade Unit: % WO3Contained Metal: 167696Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:ab58cddc6879ced33c63
Resource Data
- Category
- inferred
- Tonnes
- 2580000
- Grade
- 0.07
- Grade Unit
- % WO3
- Contained Metal
- 167696
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: LGSP Inferred Mineral Resources at Mt Carbine represent a small, low-grade component of the overall resource.
Evidence · table
“0.070”
Context: 2.58
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredMt Carbine Operations · tungstenTonnes: 830000Grade: 0.06Grade Unit: % WO3Contained Metal: 53318Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:352bf5fdd1f3cde65214
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 0.06
- Grade Unit
- % WO3
- Contained Metal
- 53318
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: An additional small, low-grade Inferred resource for LGSP at Mt Carbine, with neutral impact on the update.
Evidence · table
“0.060”
Context: 0.83
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedMt Carbine Operations · tungstenTonnes: 18060000Grade: 0.3Grade Unit: % WO3Contained Metal: 5405901Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:9792fc588f8f7c2ce2ae
Resource Data
- Category
- indicated
- Tonnes
- 18060000
- Grade
- 0.3
- Grade Unit
- % WO3
- Contained Metal
- 5405901
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical In-Situ Indicated Mineral Resource estimate for Mt Carbine as of June 2025.
Evidence · table
“0.30”
Context: 18.06
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredMt Carbine Operations · tungstenTonnes: 10680000Grade: 0.3Grade Unit: % WO3Contained Metal: 3217311Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:cb938157cdb5db0917ea
Resource Data
- Category
- inferred
- Tonnes
- 10680000
- Grade
- 0.3
- Grade Unit
- % WO3
- Contained Metal
- 3217311
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical In-Situ Inferred Mineral Resource estimate for Mt Carbine as of June 2025.
Evidence · table
“0.30”
Context: 10.68
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedMt Carbine Operations · tungstenTonnes: 10126000Grade: 0.075Grade Unit: % WO3Contained Metal: 759450Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Michael Mills
- Resource group id
- resource:f58a0cef65ee29094b48
Resource Data
- Category
- indicated
- Tonnes
- 10126000
- Grade
- 0.075
- Grade Unit
- % WO3
- Contained Metal
- 759450
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical LGSP Indicated Mineral Resource estimate for Mt Carbine as of June 2025.
Evidence · table
“0.075”
Context: 10.126
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableMt Carbine Operations · tungstenTonnes: 4470000Grade: 0.32Grade Unit: %Contained Metal: 1417202Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Peter White
- Resource group id
- resource:d4124cb9a00ca3e33e46
Resource Data
- Category
- probable
- Tonnes
- 4470000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 1417202
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 5210000
- Prior Grade
- 0.28
- Prior Contained Metal
- 1459735
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Open Cut Probable Ore Reserves at Mt Carbine showed an increase in grade but a decline in tonnage and contained metal, indicating a focus on higher-grade material with a slight reduction in overall metal content.
Positive factors
- Grade improved by 14.3%
Negative factors
- Tonnage declined by 14.2%
- Contained metal declined by 2.9%
Evidence · table
“0.32%”
Context: 4.47
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 4470000 against 5210000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.32 against 0.28 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1417202 against 1459735 previously
probableMt Carbine Operations · tungstenTonnes: 9380000Grade: 0.08Grade Unit: %Contained Metal: 703546Contained Unit: mtuView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Peter White
- Resource group id
- resource:4bc1ff20098de777d2cb
Resource Data
- Category
- probable
- Tonnes
- 9380000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 703546
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 9590000
- Prior Grade
- 0.075
- Prior Contained Metal
- 719030
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: LGSP Probable Ore Reserves at Mt Carbine showed a minor increase in grade but a slight decline in tonnage and contained metal, indicating ongoing processing of stockpiled material.
Positive factors
- Grade improved by 6.7%
Negative factors
- Tonnage declined by 2.2%
- Contained metal declined by 2.2%
Evidence · table
“0.08%”
Context: 9.38
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9380000 against 9590000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.08 against 0.075 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 703546 against 719030 previously
probableMt Carbine Operations · tungstenTonnes: 5210000Grade: 0.28Grade Unit: %Contained Metal: 1459735Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Peter White
- Resource group id
- resource:68e5d4c07ee010df87eb
Resource Data
- Category
- probable
- Tonnes
- 5210000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 1459735
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical Open Cut Probable Ore Reserve estimate for Mt Carbine as of June 2025.
Evidence · table
“0.28%”
Context: 5.21
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableMt Carbine Operations · tungstenTonnes: 9590000Grade: 0.075Grade Unit: %Contained Metal: 719030Contained Unit: mtuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mt Carbine Operations
- Commodity
- tungsten
- Region
- australia
- Reported Region
- Australia
- Ticker
- EQR
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Peter White
- Resource group id
- resource:4ac38bb3904e712384fd
Resource Data
- Category
- probable
- Tonnes
- 9590000
- Grade
- 0.075
- Grade Unit
- %
- Contained Metal
- 719030
- Contained Unit
- mtu
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical LGSP Probable Ore Reserve estimate for Mt Carbine as of June 2025.
Evidence · table
“0.075%”
Context: 9.59
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.