FY2021
Sorting and plant upgrades
XRT pilot work and gravity-plant modifications supported the Mt Carbine processing development.
ASX: EQR · Five-year financial review
(ASX: EQR) EQ Resources Financial Review - FY2021~25
EQ Resources’ FY2021-FY2025 review follows Mt Carbine expansion and the addition of Spain’s Saloro tungsten operation. Revenue and production grew, but cash generation, near-term funding and acquisition-accounting adjustments tell a more demanding financial story.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 revenue
A$66.082m
Excludes other income.
Year-end cash
A$1.874m
Consolidated cash balance.
Operating cash
A$16.917m used
Annual operating outflow.
Total borrowings
A$47.614m
A$43.608m classified current.
Five years in context
Mt Carbine’s early years centred on ore sorting and plant expansion. The January 2024 Saloro acquisition added a second operating jurisdiction, so the revenue step-up is not a constant-perimeter growth rate.
Final Saloro purchase accounting reduced the bargain purchase gain and restated FY2024 figures. The revision changes the accounting comparison, not cash received or spent in that year.
Events behind the numbers
FY2022
Expansion infrastructure
Early Works added sorting, crushing and screening capacity, supported by facilities and grants.
FY2023
Open-cut mining begins
Open-cut mining commenced in late June, with production ramp-up extending beyond the year end.
FY2024
Saloro acquisition
Saloro was acquired in January, changing both the operating perimeter and balance sheet.
FY2025
Two-site output and ownership
Both operations reported production growth; the remaining MtCRM interest was acquired and Mt Carbine transitioned to owner-operation.
FINANCIAL REVIEW / 01
A larger producer, not yet group cash-positive
Site-level EBITDA or cash-positive statements should not be confused with group net cash generation. The consolidated cash-flow statement records an operating outflow despite higher revenue.
Revenue expansion
A$ million
Revenue, excluding other income
AI-generated presentation · values from Revenue and reported headline result; no missing values plotted as zero.
Two operating sites in FY2025
mtu, as reported
Mt CarbineSaloro / Barruecopardo (approximately)
AI-generated presentation · values from FY2025 tungsten concentrate production; no missing values plotted as zero.
Revenue and reported headline result
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue, excluding other income | 4.547 | 4.072 | 5.138 | 26.839 | 66.082 |
| Headline result labelled total comprehensive loss | (4.574) | (6.063) | (3.717) | (14.425) | (39.228) |
FY2024 result uses the restated FY2025 comparative. Acquisition of Saloro in January 2024 changes the business perimeter.
Important classification limit: directors’ narratives call the headline totals after-tax loss, while extracted statement rows call them total comprehensive loss and retain different intermediate after-tax totals. This report preserves the stated headline series without claiming that the classification conflict is resolved.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 tungsten concentrate production
mtu, as reported
| Metric | FY2025 |
|---|---|
| Mt Carbine | 48,771 |
| Saloro / Barruecopardo (approximately) | 119,023 |
Issuer-reported production in mtu, not tonnes of ore, cash revenue or shipments. Site production is not backfilled into missing older periods.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Financing supports operating and investment uses
Net financing offset much of the annual cash used in operations and investing, but cash still declined. The loan figure is materially larger than cash, and the working-capital deficit highlights obligations beyond a simple cash-minus-borrowings comparison.
Cash-flow categories
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Equity, including restated FY2024
A$ million
Consolidated equity
AI-generated presentation · values from Consolidated equity; no missing values plotted as zero.
Consolidated cash flows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Closing cash | 3.505 | 1.723 | 5.336 | 3.490 | 1.874 |
| Net operating cash flow | (3.817) | (3.113) | (1.393) | (12.704) | (16.917) |
| Net investing cash flow | (2.034) | (6.445) | (10.955) | (18.899) | (11.377) |
| Net financing cash flow | 6.387 | 7.793 | 16.012 | 21.558 | 26.757 |
FY2024 also includes A$8.280m cash brought in with the acquired entity, outside the three net cash-flow categories. FX movements also affect closing cash.
The Saloro measurement-period restatement did not change FY2024 cash flows.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated equity | 16.726 | 14.317 | 16.305 | 44.330 | 36.287 |
FY2024 uses the restated A$44.330m comparative retained in the FY2025 record, not the original A$56.626m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 financing exposure
A$ million
| Metric | FY2025 |
|---|---|
| Current borrowings | 43.608 |
| Non-current borrowings | 4.007 |
| Total borrowings | 47.614 |
| Net working capital (deficit) | (96.769) |
Current and non-current borrowings sum to total; the working-capital deficit is a separate measure and must not be added to borrowings.
Borrowings exclude any obligations classified elsewhere. The July 2025 share settlement of the Oaktree advance is subsequent to this balance date.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Non-cash charges and funding conditions
Buying CROMINET’s remaining MtCRM interest was treated as an asset acquisition, not a business combination. Its A$4.615m inventory impairment is distinct from the A$1.205m deferred-exploration impairment and does not represent a second cash payment.
The US EXIM letter of interest and long-term offtake contract value are not cash in the June balance sheet. Subsequent placements and conversion of the Oaktree advance to shares are also kept outside June cash and debt.
Reading the figures
- Headline loss and intermediate after-tax classifications differ within the extraction; both the ambiguity and restated FY2024 basis remain logged for publication review.
- FY2025 consolidated total assets are not retained in this packet; selected cash, equity and borrowing balances remain usable.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- EQ Resources - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- EQ Resources - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- EQ Resources - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- EQ Resources - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- EQ Resources - 2025 Annual ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.