EQ Resources has moved to strengthen its regional growth pipeline around Mt Carbine, striking a deal to acquire six exploration permits adjacent to its Far North Queensland tungsten operation.

The company told the ASX it had entered into a binding heads of agreement with Sunshine (Triumph), part of the Sunshine Metals group, to acquire the Hodgkinson tenement package as part of a strategy to build a broader network of feed sources around its expanding processing facilities.

Covering about 365sq km, the package lies near Mt Carbine and contains several recorded mineral occurrences.

EQ Resources said the acquisition would complement its plans to expand Mt Carbine and support a hub-and-spoke approach that also includes the Wolfram Camp opportunity and other prospects in the district.

The company is seeking to establish Mt Carbine as a central processing hub for a broader regional tungsten basin while progressing exploration aimed at increasing resources and converting them into reserves.

Managing director Craig Bradshaw said the proposed acquisition represented a measured step around the company’s existing operating base.

“Our priority remains clear: to maximise value from our established tungsten operations and build a stronger tungsten platform.

“Mt Carbine’s expanded processing capacity gives us the ability to think regionally.”

EQ Resources operates the Mt Carbine mine near Mareeba and the Barruecopardo tungsten operation in Spain. The company has been pursuing a strategy to increase production and secure additional feed sources as demand for the critical mineral grows.

The acquisition is subject to regulatory and third-party approvals and other customary conditions. Under the agreement, EQ Resources will pay total consideration of $250,000, comprising a $100,000 deposit and a further $150,000 on completion.

The parties expect conditions to be satisfied or waived by August 31, 2026.