Ann: Brownfield discovery at Ruby & Eastern Extension, page-9

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EQR and Masan High-Tech Materials signs partnership MOU while Australia
and Germany enter critical minerals cooperation
12 April 2023 - Masan High-Tech Materials Corporation (“Masan High-Tech Materials”
or “MHT”) has announced the signing of a Memorandum of Understanding (“MOU”)
with EQ Resources Limited (“EQR”), and its existing joint venture partner, Cronimet
Australia Pty Ltd (“Cronimet”) related to the Mt Carbine Tungsten Project in Far North
Queensland, Australia. The MOU will establish a working relationship based on
reciprocity and mutual benefit, exchanging knowledge and experiences around tungsten
exploration, mining, and processing, potentially assessing new project opportunities, and
new product applications.
EQ Resources Limited is the 100% owner of the Mt Carbine Tungsten Mine near Cairns,
Australia’s only primary tungsten producer. The MOU is augmented by an existing longterm offtake agreement that Cronimet Group has signed with MHT (a subsidiary of Masan
Group), which will see approximately 70% of Mt Carbine's production for the next four
years allocated to MHT. The proposed strategic partnership between EQR, Cronimet and
Masan High-Tech Materials aims to continue Mt Carbine’s growth into a world-class
sustainable tungsten operation.
The signing of the MOU was witnessed by German Parliamentary State Secretary of the
Federal Ministry for Economic Affairs and Climate Action, Dr. Franziska Brantner, and
German Ambassador to Australia, Dr. Markus Ederer. Dr. Franziska Brantner visited
Australia between April 3rd - 7th, together with a high-profile German industry delegation,
to meet with Australian Government representatives, various industry groups and to
establish business-to-business relations in the fields of critical minerals and hydrogen.