EQ Resources Limited has announced it has signed agreements to acquire Australian Critical Minerals Pty Ltd and TTTP1 Pty Ltd, adding approximately 353km² of granted tenure and exploration applications to its existing landholding in the Mareeba district of Far North Queensland.
Once completed, EQ Resources’ Mt Carbine district tenure will grow from around 783km² to 1,136km². The company will also hold a further 824km² of exploration licence applications across the district.
The acquisition includes five granted exploration permits for minerals (EPMs), a series of EPM applications and the granted Mt White mining lease (ML 20728), located approximately 67km from the Mt Carbine processing facility.
EQ Resources said surface tungsten stockpiles at Mt White could provide an early supplementary feed source for the company’s processing operations while supporting its hub-and-spoke development strategy for the region. The transaction will also help resolve competing EPM applications lodged over or adjacent to the company’s existing applications.
“The acquisition of ACM and TTTP1 will be another disciplined step in EQR’s strategy to build a district-scale tungsten position around Mt Carbine,” EQ Resources managing director Craig Bradshaw says.
“This package is highly complementary to our existing operating base. It adds prospective tungsten ground, supports our hub-and-spoke strategy and gives us greater control of the regional pipeline around our Mt Carbine processing infrastructure.
“Subject to completion, our immediate focus will be to progress the tenure, mapping and assessment work required to prioritise targets and unlock the value of this broader regional position.”
The acquisition is expected to be completed on July 10, subject to customary conditions. Total consideration for the acquisition comprises $900,000 in cash and 30 million EQ Resources shares, to be issued under the company’s available placement capacity.
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