Andrew Forrest Takes 16.8% Stake in EQ Resources
Synopsis
The billionaire's $190 million investment sent shares in the Queensland-based tungsten miner sharply higher as investors welcomed the strategic backing.
Australia's mining billionaire Andrew Forrest has bought enough shares in EQ Resources to take a 16.8% stake from Oaktree Capital Management, in a deal worth approximately A$190 million.
The investment came through the privately owned Tattarang Group through its entity called Wonongarra Pty Ltd, making him one of the biggest shareholders on the ASX listed miner.
After the acquisition, a strong market response was seen. The share register change has led to a surge in EQ Resources (ASX: EQR) shares on Monday as investors bid up the company's stock by up to 20.5%. EQ Resources closed Monday at A$0.25.
The deal also provides Wonongarra a nomination for a director to the EQ Resources board, subject to the company's governance requirements.
Investment Adds Focus to Tungsten Supply
Andrew Forrest EQ Resources stake as governments and manufacturers search for alternative supplies of critical minerals that are employed in a wide range of defence, aerospace, electronics and industrial manufacturing applications.
EQ Resources is one of the few listed companies producing tungsten outside of China, with operations at the Mt Carbine tungsten mine in Queensland, and the Barruecopardo mine in western Spain.
The company's 2025 Annual Report shows that China is by far the largest supplier, with over 80% of the world's mined tungsten coming from the country, followed by Vietnam, Russia, Bolivia, Rwanda and Spain.
Additionally, benchmark ammonium paratungstate (APT) price rose by around 37% in FY2025, due to the reduced supply scenario and export restrictions in the global markets, the report adds.
Company Reported Stronger FY2025 Results
The investment comes at a time of positive financial year for EQ Resources. Production volumes and realised tungsten prices led to the company's net loss falling, with revenue rising from A$54.8 million in FY2024 to A$89.4 million in FY2025.
Across its Australian and Spanish operations, EQ Resources signed a five-year tungsten concentrate offtake deal with US firm Elmet Technologies during the year, and expanded at both businesses.
By selling its stake, Oaktree Capital has ended its substantial ownership and Forrest's investment has added a new long-term strategic investor at a time when Australia, the United States and Europe are pushing to increase critical minerals supply chain security.
Source: Capital Brief
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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