Australia's EQ Resources surges as billionaire Andrew Forrest takes 16.8% stake

EQ Resources

20/07/2026 03:34

July 20 (Reuters) - Shares of EQ Resources EQR.AX jumped more than 34% on Monday after the tungsten producer said Australian mining billionaire Andrew Forrest would acquire a 16.8% stake in the company.    

   Here are a few details: 
Wonongarra, an investment vehicle wholly owned by Forrest, will acquire Oaktree's entire holding in EQ Resources, comprising 862.1 million shares and 35.6 million options.
Oaktree has been an investor in EQ Resources since 2023, supporting the company's acquisition of the Barruecopardo tungsten mine in Spain and the expansion of its Mt Carbine operation in Australia.
Based on EQ Resources' last closing price, the stake is valued at about A$189.7 million ($132.5 million).
The transaction comes as Western countries seek to secure supplies of critical minerals such as tungsten, which is used in industrial machinery, semiconductors and defence applications.
The stake represents about 16.8% of EQ Resources' issued capital. The company said the transaction transfers ownership of one of its cornerstone shareholdings but does not affect its strategy, management or day-to-day operations.   
The stock rose as much as 34.1% to A$0.295, marking its best intraday perecentage gain since early February 2025.

($1 = 1.4314 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Sherry Jacob-Phillips)
 ((Roshan.Thomas@thomsonreuters.com;))