EQ Resources Limited (EQR.AX), a tungsten mining company, said Friday that it will not proceed with its proposed acquisition of Tungsten Metals Group Limited, citing a strategic review that determined the deal is not in shareholders' best interests.
The global tungsten producer, with operations in Australia and Spain, had planned to acquire 100% of TMG Group, a public unlisted ferrotungsten producer.
Managing Director Craig Bradshaw said the decision followed thorough engagement with TMG Group throughout 2025 and the review of strategic priorities.
Craig added, "Our focus remains firmly on growing production from our Mt Carbine and Barruecopardo operations, expanding our resource base, and delivering long-term value from the high-quality assets we already own."
EQR said it will continue with four strategic priorities: growing tungsten concentrate output at Mt Carbine and Barruecopardo; expanding resources and reserves through drilling programs at both mines; drilling the Wolfram Camp EPM in 2026; and advancing the Mt Carbine crushing circuit expansion.
On the ASX, shares of EQ Resources were losing 5.56 percent, trading at A$0.2550.
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