en.Wedoany.com Reported - EQ Resources (ASX:EQR) has completed the acquisition of private companies Aus Critical Minerals and TTTP1, expanding the exploration area of the Mt Carbine project by 45% to 1,136 square kilometers.

On July 7, EQ signed an agreement to acquire the two companies for US$900,000 in cash and 30 million shares. The transaction package includes the granted mining lease ML 20728 at Mt White, located approximately 67 kilometers from the Mt Carbine processing facility. Surface tungsten stockpiles at the site have been identified as a potential source of early supplementary feed material.

Company Managing Director Craig Bradshaw stated that the deal enables the company to implement its strategy of building a regional-scale tungsten position around Mt Carbine. He believes the acquisition is highly complementary to the existing operational base, adding promising tungsten land, supporting the company's "hub-and-spoke" strategy, and allowing better control over the regional pipeline surrounding the Mt Carbine processing infrastructure.

Bradshaw emphasized that the current focus is on advancing the required tenure, mapping, and assessment work to prioritize targets and unlock the value of this broader regional position.

In fiscal year 2027, EQ Resources will commence exploration activities on the newly acquired tenements, with initial priorities including systematic mapping, structural analysis, geochemical and geophysical follow-ups, and phased reconnaissance drilling where necessary.

Mt Carbine, located in Far North Queensland, was historically one of the world's major tungsten mines. The operation combines open-pit mining, reprocessing of historical stockpiles, TOMRA XRT ore sorting, and gravity processing to produce tungsten concentrate.

EQ Resources is a global tungsten producer with mining operations at Mt Carbine in Queensland and Barruecopardo in Spain.