Commentary from UK Broker SP AngelEQ Resources (EQR AU)...

Commentary from UK Broker SP Angel
EQ Resources (EQR AU) A$0.055/s, Mkt cap A$103m -Tungsten APT prices continue to rise to $360-370/mtu FOB China for 88.5% min

• Tungsten prices continue to scale new highs having risen from $295-305/mtu a year ago.
• The rise in tungsten price is good news for EQ Resources which runs Saloro at Barruecopardo in Spain and the Mt Carbine tungsten mine in Australia
• EQ Resources has just raised A$9.5m at A$0.045/s with backing from Oaktree Capital which took 15% of the placement.
• The Queensland Critical Minerals and Battery Technology Fund will also provide EQR’s Mt Carbine Tungsten Mine with an up to A$20m in a 3-year loan facility to raise production.
• Chinese tungsten carbide prices surged late last week despite limited orders from downstream.
• Increasing raw material costs continue to cause carbide producers to raise prices with further rises expected this week.
• Increasing munitions and other weapons manufacturing combined with retooling for new EV models, aircraft and other manufacturing is seen as driving new demand.
• Seven tungsten concentrate producers stopped production in April idling some 10,660t of capacity.