en.Wedoany.com Reported - EQ Resources Limited (EQR) has announced the signing of agreements to acquire Australian Critical Minerals Pty Ltd (ACM) and TTTP1 Pty Ltd (TTTP1), adding approximately 353 square kilometers of granted mining tenements and exploration applications to its existing land portfolio in the Mareeba region of Far North Queensland.

Upon completion of the transaction, EQ Resources' mineral rights area in the Mt Carbine region will increase from approximately 783 square kilometers to 1,136 square kilometers. The company will also hold exploration license applications for an additional 824 square kilometers in the area. The acquisition includes five granted mineral exploration permits (EPMs), a series of EPM applications, and the granted Mt White mining lease (ML 20728), which is located approximately 67 kilometers from the Mt Carbine processing facility. EQ Resources stated that the surface tungsten stockpiles at Mt White could provide an early supplementary feed source for the company's processing operations, while also supporting its "hub-and-spoke" development strategy in the region. The transaction also helps resolve competing EPM applications that overlap or are adjacent to the company's existing applications. According to EQ Resources Managing Director Craig Bradshaw, the acquisition of ACM and TTTP1 represents another step in EQR's strategy to build a regional-scale tungsten operation around Mt Carbine. The asset package is highly complementary to the existing operational base, will add promising tungsten tenements, support the hub-and-spoke strategy, and help better control the regional project pipeline surrounding the processing facility.

The acquisition is expected to be completed on July 10, subject to customary conditions. The total consideration includes AUD 900,000 in cash and 30 million shares of EQ Resources, which will be issued under the company's available placement capacity.