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EQ Resources Advances Its Regional Tungsten Hub Strategy and Completes Placement of AUD $4M - US EXIM Bank Supports Mt Carbine with up to USD $34M Debt Facility.

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EQ Resources Advances Its Regional Tungsten Hub Strategy | Samso News

EQ Resources Ltd (ASX: EQR) has just completed an AUD 4M placement which is on top of the recent placement of AUD $18.8M on the 22nd of May 2025. The recent capital raise looks to be consistent with our latest Samso Insight (see below) outlining the potential supply crunch that is happening as we speak.



On top of the capital raise, the Export-Import Bank of the United States (EXIM) has sent the company a Letter of Interest stating that EXIM is able to consider a 10-year debt facility of up to USD $34 million for capital expenditure and further development of the Mt Carbine Tungsten Mine. This is a clear sign that the Tungsten sector may soon break out if it has not already.


In June 2025, EQR released preliminary results from XRT ore sorting trials at its Wolfram Camp Project, revealing encouraging recovery and upgrade outcomes that reinforce its ambition to develop a regional tungsten hub in Far North Queensland.


The trials, undertaken in partnership with TOMRA Sorting Solutions and researchers from the University of Queensland’s Sustainable Minerals Institute, focused on two types of surface material: legacy ore and waste stockpiles. Supported by a $250,000 Queensland METS Collaborative Projects Fund grant, the program is part of EQR’s broader strategy to unlock value from historical mine assets using modern sensor-based ore sorting.


Samso has been following the EQ Resources story since the early Mt Carbine transformation, and this development continues to showcase how the company is leveraging proven technical capabilities to push the needle on low-impact resource recovery.



Preliminary Sorting Trials Deliver 86% Recovery and Significant Grade Uplift at Wolfram Camp


🔸ASX: EQR

🔸Location: Far North Queensland, Australia

🔸Focus: Tungsten recovery through sensor-based sorting

🔸Partnership: TOMRA Sorting Solutions & University of Queensland SMI

🔸Funding: A$250,000 QLD METS Grant

🔸Recovery Highlight: 86% WO₃ from ore stockpile

🔸Upgrade Factor: Up to 16x in key size fractions


Preliminary ore sorting trials conducted at Wolfram Camp (Figure 1) have delivered highly encouraging results, achieving 86% recovery of tungsten from bulk sample material. These trials were part of EQ Resources’ ongoing strategy to evaluate the viability of reprocessing historical surface stockpiles using advanced X-ray Transmission (XRT) sorting technology.


Figure 1: Wolfram Camp (source: EQR) | Samso News

Figure 1: Wolfram Camp (source: EQR)


The standout result came from the WBS Parrot sample, sourced from an existing ore stockpile, which demonstrated not only strong recovery but also a significant upgrade in grade, up to 16x in key size fractions. These outcomes validate the potential to unlock value from legacy material through low-impact, sensor-based sorting methods. Importantly, the success builds on EQ Resources’ proven track record at Mt Carbine and supports their broader vision of developing a regional tungsten processing hub in Far North Queensland.

 


Leveraging Proven Sorting Expertise


EQR’s deployment of XRT sorting technology is not new. At its flagship Mt Carbine operation, the company has already demonstrated how advanced ore sorting can convert low-grade and previously uneconomic material into viable feedstock. With recoveries exceeding 95% WO₃ and mass yields of just 10–12%, Mt Carbine stands as a benchmark for sustainable and cost-effective tungsten recovery.


The Wolfram Camp trial mirrors this approach, aiming to replicate Mt Carbine’s success by tapping into legacy surface material and minimising environmental impact through de-bulking and selective processing.



Wolfram Camp Stockpile Sorting Trial: Highlights


Sample 1 – WBS Parrot (Ore Stockpile) (Figure 2)

  • Head Grade: 0.09% WO₃ (728 ppm W), 269 ppm Mo

  • Tungsten Distribution:

    • 58% of the sample mass in the -65mm to +26.5mm range (0.08% WO₃)

    • 40.2% of mass in -26.5mm to +6.7mm (0.10% WO₃)

    • <2% fines (<6.7mm) with 0.36% WO₃

Sorting Results:

  • Recovery: 86% of total contained tungsten

  • Grade Upgrades:

    • 0.08% → 0.67% WO₃ in larger size fraction

    • 0.10% → 1.59% WO₃ in finer sorter size (16x upgrade)

  • Mass Yield:

o    10% (coarse) and >5% (fine)

  • Mo Recovery: 20–35% depending on size


Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) | Samso News

Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR)


This shows that only 5–10% of the feed mass is needed to recover the bulk of tungsten, streamlining downstream processing and significantly increasing resource efficiency.


Sample 2 – WBS Combined (Waste Stockpile Composite) (Figure 3)

  • Head Grade: 0.10% WO₃ (772 ppm W), 199 ppm Mo

  • Tungsten Concentration:

    • Fines (-6.7mm) made up 45% of the mass but hosted 75% of total tungsten

    • Larger size fractions showed lesser concentration but meaningful grade improvement

Sorting Outcomes:

  • Recovery:

    • 76% W recovery and 28% Mo in the coarse sorter fraction

    • 40% W and 20% Mo recovery in finer sorter fraction

  • Upgrades:

    • WO₃: 0.07% → 0.45%

    • WO₃: 0.03% → 0.46%

  • Fines Pathway: High-value fines can be processed via gravity separation, bypassing the need for further crushing or sorting


Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents 

Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) | Samso News

Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents

Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR)


These results suggest the waste pile contains considerable untapped value, particularly in the fines, and may offer an economical recovery path with minimal energy input.



Strategic Outlook: Building a Regional Tungsten Hub


Executive Chairman Oliver Kleinhempel commented:

“These preliminary results highlight the technical potential to unlock value from historical stockpiles at Wolfram Camp using modern sorting techniques. The strong tungsten upgrade from the Parrot stockpile and meaningful recoveries from the waste composite reinforce the viability of this low-impact approach to resource recovery and offer exciting upside as we refine our processing strategy.”

The Wolfram Camp work is a direct extension of the Mt Carbine model, where waste is no longer waste, but a resource. Importantly, EQR’s regional hub strategy could generate operating synergies and provide new employment pathways in Far North Queensland by reactivating legacy sites with modern tools.


Next steps will involve more bulk sample testing using Mt Carbine’s XRT sorter to assess in-situ ore sortability. These results will be incorporated into future production plans and stockpile re-evaluations.



Samso Concluding Comments

There is now no doubt that the Tungsten market is going into a critical mode as I have not seen this much interest in this sector since 2012. In fact, I am not sure if there was this much sentiment in 2012 as what I think is in place or coming soon. In the Samso Insight that we published earlier, when we spoke to Oliver Friesen from Guardian Metal Resources Plc, the takeaway was that the critical nature of Tungsten was in play. The US government funding of these projects is also real. So from a market perspective, I think EQR is in a very good place.

In addition, the Mt Carbine asset has also been given new life through modern thinking and practical innovation. The application of XRT sorting at Wolfram Camp is not revolutionary on its own—EQR has already done this at Mt Carbine—but what makes this update significant is the validation of a repeatable process. This is about taking a tested technology, applying it to a new site, and achieving early-stage results that suggest meaningful upside.

The 86% tungsten recovery and a 16x grade uplift from just a small portion of the original mass are not numbers that can be ignored. They speak to a potential low-impact pathway for generating value from stockpiles that, at a different time, would have simply been discarded. With growing pressure on responsible resource extraction and increasing demand for critical minerals like tungsten, this is the kind of initiative that aligns well with global sentiment.

From a broader view, EQR is not just building a tungsten mine—it’s working towards a regional hub model. That means infrastructure leverage, skills development, and an opportunity to apply lessons learned at Mt Carbine to other projects. The support from the Queensland Government and partnerships with TOMRA and the University of Queensland only add credibility to the process.

As investors or industry observers, the best approach may be to watch how this regional strategy is pieced together. Early signs are promising, and the technical execution so far has stayed grounded in what works. If this momentum carries forward, Wolfram Camp may become the next pillar in EQ Resources' broader critical minerals strategy.

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EQ Resources stands out not for hype, but for its consistent, technical execution, turning legacy assets into real value through innovation. At Samso, we focus on stories like these, where asking the right questions reveals long-term potential. It’s about recognising substance behind the numbers and sharing insights with investors who value depth over noise.

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