EQ Resources Secures AU$22.5 million Placement to Boost Mt Carbine Expansion

EQ Resources Limited (ASX: EQR) has successfully raised AU$22.5 million via a well-supported institutional placement, issuing approximately 703.1 million new shares at AU$0.032 each, an 11.3% discount to the 15-day VWAP. Significant support for the placement came from both new and returning domestic and foreign investors. Proceeds will be directed toward advancing Mt Carbine production growth, progressing south wall stripping to access the high-grade Iolanthe vein, doubling plant capacity, improving working capital, and reducing debt.

The raise was conducted in two tranches, with AU$4.25 million subscribed by Oaktree Capital Management, EQR’s largest shareholder, partly offsetting a previously advanced pre-royalty loan tied to the Saloro operation in Spain. Joint lead managers Canaccord Genuity and Henslow oversaw the process. The placement, according to management, improves EQR's balance sheet and puts the business in a position to benefit from record tungsten prices while expanding its international activities.

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