• EQR will not proceed with the proposed acquisition of Tungsten Metals Group
• EQR's focus remains on growing production from existing operations and expanding its resource base
• EQR will continue to advance key strategic priorities, including increasing tungsten concentrate production and planned drilling programs

EQ Resources Limited ('EQR' or 'the Company') has announced that it will not proceed with the proposed acquisition of 100% of Tungsten Metals Group Limited and its subsidiaries. Following a thorough review of its strategic priorities during the second and third quarters of FY2026, the Board has determined that the acquisition is not in the best interests of shareholders at this time. The Company's focus remains on increasing tungsten concentrate production from its Mt Carbine operation in North Queensland and the Barruecopardo mine in Spain, as well as expanding its resource and reserve base through planned drilling programs at both sites. EQR will also continue drilling at the Wolfram Camp EPM during 2026 and progress the planned expansion of the Mt Carbine crushing circuit. The Company has informed Tungsten Metals Group of its decision and thanked the group for its cooperation throughout the process.