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EQ RESOURCES LIMITED
A Globally Significant Critical Mineral Producer
IMARC 2024, Stall M122
Kevin MacNeill, CEO
ASX : EQR
29th - 31st October 2024
Tungsten Uses
Critical Alloy Element, Without Substitute in Most Applications
Aviation | Aerospace Automotive | Heavy | Heavy | Tools & |
Machinery | Industry | Construction |
Medical | Military | EV Battery | Green | Science | Micro |
Development | Energy | & Tech | Electronics |
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Tungsten - A Critical Metal
EQR Is Unhedged, Provides Spot Price Exposure To a Tight Market
EU: The Most Economically Important Critical Material
Borate | Niobium | Raw Materials | |||||
Critical | |||||||
Graphite | |||||||
Scandium | Non-critical | ||||||
Indium | Beryllium | PGMs | |||||
Bauxite | Tungsten | ||||||
Germanium | |||||||
RISK | Baryte | Vanadium | Cobalt | ||||
SUPPLY | Gallium | Hafnium | |||||
Rhenium | Lithium | Silicon Tantalum | Phosphate Rock | Manganese | |||
Coking Coal | |||||||
Tellurium | Tin | Molydbenum | Chronium | ||||
Feldspar | Magnesite | Potash | Iron Ore | ||||
Gypsum | Kaolin Clay | Silver | Sulphur | ||||
Talc | Zinc | Nickel | Aluminium | ||||
Gold | Silica Sand | Titanium | Copper | ||||
Aggregates Limestone | |||||||
Lead | |||||||
ECONOMIC IMPORTANCE | |||||||
Tungsten Production by Country | Tungsten Reserves by Country | ||||||
Austria 1.1% Spain 1.1% | Portugal 0.8% | Spain 1.4% | North Korea 0.8% | ||||
Austria 0.3% | |||||||
Rwanda 1.2% | North Korea 0.5% | ||||||
Vietnam 2.7% | Portugal 0.1% | ||||||
Other 1.5% | Russia 10.8% | ||||||
Bolivia 1.8% | |||||||
Russia 3% | |||||||
Vietnam | China 51.4% | ||||||
5.7% | Others 32.5% | ||||||
China 83% | Total World - | ||||||
Total World - | |||||||
3,700 kt | |||||||
79kt WO3 | |||||||
EQR Consolidated Group | |||
tWO3 Production Projections* | |||
5,000 | |||
Target 3,000 - | |||
4,000 | 5,000t WO3 p.a. | ||
(up to 50% of Western Mine Supply)
3,000
2,000
1,000
-
FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | FY2027 | |||||
Mt Carbine | Saloro | Asset #3 | Asset #4 | |||||||
*FY 2022, FY 2023, FY 2024 Actuals + Onwards Projections. 100% Equivalent WO3 t, Wet Weight
May 2024 - Highest Price in 12 months with momentum
**1 tonne WO3 = 100 mtus; FastMarkets Price Index (weekly change 1.5% released 10th May)
.
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APT Price Update
APT Price Rotterdam - 12 month + High (US$/mtu)
US $ / mtu
370
360
350
340
330
320
310
300
290
280 Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24
Source: FastMarkets APT Price Rotterdam (US$/mtu, mtu = 10kg WO3) Average Monthly Price
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EQR Group WO3 Production - Update
EQR Monthly WO3 Production (1 mtu = 10kg WO3) | ||
22,000 | ||
20,000 | ||
18,000 | ||
16,000 | ||
14,000 | ||
mtu | 12,000 | |
10,000 | ||
8,000 | ||
6,000 | ||
4,000 | ||
2,000 | ||
- | ||
Saloro | Mt Carbine | |
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Consistent Board & Leadership Team
Diverse and Experienced Board & Leadership Team
Kevin MacNeill - Chief Executive Officer | Oliver Kleinhempel - Non-executive Chairman |
- Interim CEO & Senior Technical Advisor since May 2019, CEO since January 2020.
- 35+ years in mining project development globally.
- Expertise in mineral processing, specifically tungsten.
- Past President of Etruscan Diamonds, founded Specialized Metallurgical Projects.
Stephen Weir- Non-executive Director
- Appointed in January 2024, representing Oaktree Capital Management.
- Experience in corporate advisory, project finance, construction management.
- Former CEO of Magnetite Mines Ltd, Member of the Australian Institute of Company Directors, GBA Capital Advisory Board.
Zhui Pei Yeo - Non-executive Director
- Background in executive management, project planning, resource management.
- Works in system integration in telecoms in South- East Asia.
- Executive director at a steel-product manufacturer.
Tony Bainbridge - Chief Geologist
- Focus on Mt Carbine's 'King-Vein' style mineralisation.
- Experience in tungsten projects in South Korea and Africa.
- Director at Asia Interplay Mining Ltd & AMB Exploration Pty Ltd.
- Non-executiveDirector since August 2019, Chair since April 2020.
- Experience in project development, finance, commodity trading.
- Previous roles at Outotec, Ferrostaal Group, CRONIMET.
- Executive Director at CRONIMET Group.
Richard Morrow - Non-Executive Director
- Over 30 years as a sharebroker, interested in resources sector.
- Ex Chairman of Melbourne Mining Club.
- Investment roles at Lowell Resources Fund Management; Fellow of AusIMM.
Stephen Layton - Non-executive Director
- 35+ years in equity capital markets in the UK and Australia.
- Experience in ASX listings, corporate advisory.
- Directorships at Mithril Resources Limited
Andrew Mooney- Chief Financial Officer
- Over 25 years experience in mining and finance sector.
- Expertise in capital management, treasury, strategic planning, tax, risk management, and investor relations.
- Former Vice President of Investor Relations at Coronado Global Resources Inc.
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Vertical Integration Opportunities
Tungsten Cluster - Australia
EQR's positioning as a leading source of responsibly mined & non-conflict
tungsten concentrate provides the company with significant leverage:
EQR Position in Global (ex-China/Russia) Producing Countries
QUEENSLAND
EQR Awarded Permit for Historic Wolfram Camp Mine. 27 Jul 2023 (link)
Tungsten Cluster - Spain
Potential Partnerships, Structures & Options being explored:
• Expand strategic partnerships, while M&A options being explored
• EQR-Masan Memorandum Of Understanding signed in 2023: Link
• Toll treat EQR concentrate to APT - Global market has capacity to absorb & demand growth is forecasted
• Downstream players interested in securing guaranteed supply
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2024
Mt Carbine Tungsten Mine and Quarrying Operations, QLD, Australia
Mt Carbine (Australia)
Mt Carbine Mine Is Australia's Leading Tungsten Mine and Is Consistently Exporting Concentrate to Global Consumers
Mt Carbine Open Pit & Processing Plants
Orebody | Resource | Tonnes | Grade | WO3 |
Classification | (Mt) | (% WO3) | (mtu) | |
Indicated | 10.13 | 0.08 | 759,450 | |
Low-Grade Stockpile | Indicated | 2.75 | 0.07 | 178,517 |
Inferred | 0.83 | 0.06 | 53,789 | |
Subtotal | 13.71 | 0.07 | 991,756 | |
Indicated | 18.06 | 0.30 | 5,405,901 | |
W atershed | ||||
In-Situ | Inferred | 10.68 | 0.30 | 3,217,311 |
Subtotal | 28.74 | 0.30 | 8,623,212 | |
All | Total | 42.45 | Mt Carbine | 9,614,968 |
• Discovered 1895 - Closed 1982 - Re-opened 2020 | |
• | Life of Mine: 2030 Open Cut - 2032 on stockpiles |
• Potential 7 years Underground Mining, Scoping Study | |
• | 19 years Mining Permit |
• | Production ramping up to 1,750 tonnes WO3 /year |
• >150 staff and contractors |
Reserve Category | ROM Tonnes |
(Mt) | |
Open Cut - Proven | - |
Open Cut - Probable | 5.93 |
Open Cut - Total | 5.93 |
LGSP - Proven | - |
LGSP - Probable | 9.77 |
LGSP - Total | 9.77 |
WO3 (%)
-
0.28% W olfram Camp
0.28% - 0.075% 0.075%
Contained WO3 (mtu)
- 1,660,400 1,660,400 - 732,750 732,750
• A$50 million expenditure in the development |
• Proximity to international export channels underpins low-cost production |
• 130km via sealed highway to Cairns International Airport |
Ref ASX Announcements:
4th April 2023: 64% Increase of Mt Carbine Indicated resources (In-Situ):Link..
18th May 2023: 43% Increase in Mt Carbine Reserves from Western Pit Extension: Link.
In Situ Inferred Resources: around 17% accessible Open-Cut, 83% Underground
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